Six months after the roll out testing, China’s Blockchain-Based Service Network (BSN) is ready for its launch in April 2020. The said national blockchain network was built by China Mobile, State Information Center (SIC), UnionPay, and other organizations. That’s to support smart cities and the digital economy.
According to Smart City Development Research Center deputy head Tang Sisi, the BSN’s official launch dedicated to the commercial operation will be in April 2020. As mentioned, the national blockchain network was the first release in October 2010 for the internal beta testing.
The BSN might sound an ambitious project, but it aims to deliver a scalable, trusted infrastructure to support potential or new blockchain projects along with the development of the digital economy and of smart cities. Besides, many cryptocurrency traders are hoping for a positive impact once they become successful, being the technology behind crypto.
Blockchain-Based Service Network will be released with Red Date Technology, China Mobile’s Design Institute (CMDI) subsidiary, and Smart Government subsidiary. Compared to the state bodies, Red Date Technology is smaller and focuses on settlements, digital wallets, and software.
The company provides node capabilities as well as a BSN blockchain web portal. The node capabilities will run the city nodes in different provinces that UnionPay will soon manage. This suggests that BSN is hoping to deliver a more accessible option to private blockchain platforms like Baidu’s and Alipay.
According to news outlet Jinse, BSN will allow individuals, students, and SMEs to develop their own venture along with as low as 20% of the total operational costs of the traditional blockchain services.
SIC Director of Information Shan Zhiguang states, “The network will significantly reduce the development, deployment, operation and maintenance, interoperability and supervisions costs of blockchain, and will promote the rapid development of the blockchain technology.”
In addition, SIC deputy head Zhang Xueying says, “With gradual adaptation of 5G, the Internet of Things, artificial intelligence and other technologies, the BSN will provide high-quality and customized services for the development of smart cities and the digital economy, and help nurture a batch of new industries or new business models on blockchain technology.”
The Chinese government gradually strengthens the blockchain expertise and adoption, making the release of a nationwide blockchain network a remarkable milestone. Apart from blockchain applications’ active development, China also plans to introduce its very own digital currency.
Based on the recent Cointelegraph report, the government-backed digital currency development in China is progressing smoothly.
China is known to run a number of blockchain initiatives, such as company registration and cross-border customs. Moreover, some state-owned banks, including PBOC and Construction Bank, are utilizing the technology.
Individuals who are engaged to blockchain technology already showed a great interest in the BSN project, wondering whether or not it can impact the performance of various cryptocurrencies in the future.
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