The national blockchain network of China, the Blockchain-based Service Network (BSN), will be launched in April 2020. Six months after it has been released for research.
Backed by the Chinese government’s policy think tank State Information Center (SIC), the ambitious project aims to provide reliable and scalable infrastructure. To support new blockchain ventures as well as smart city growth and digital economy creation.
BSN is a joint initiative of China’s state policy think tank and state-run companies
Chinese finance-focused publication Sina Finance published on January 7. Tang Sisi, deputy head of the Smart City Research Center of the China State Information Center (SIC), revealed the news at the China Urban Regulation Forum in early January. According to the executive, after the network was first released for internal beta testing in October 2019. The BSN will be officially launched for commercial operation in April.
As previously reported, the BSN network is an interregional network of public infrastructure built jointly by the SIC. China Mobile’s major state-run telecom, and the China UnionPay network of payment cards funded by the Chinese government.
China to further strengthen blockchain adoption with the project
It is reported that the BSN network will involve a total of 400 companies and 600 developers during the internal testing period between October 2019 and March 2020, reports Sina. Initially piloted in the city of Hangzhou, the capital of the Zhejiang province in eastern China. The BSN aims primarily to reduce the technical and economic costs associated with the growth of blockchain adoption, said SIC’s deputy director Zhang Xueying.
The establishment of a new national grade blockchain network is apparently an important milestone in its approach, as the Chinese government has gradually strengthened its blockchain adoption and expertise. China has worked hard to launch its own digital currency in addition to the active development of blockchain applications.
The creation of a government-sponsored digital currency at the People’s Bank of China is progressing smoothly, according to a Jan 6 article.
Currently we are running promotion for 0% Maker and Taker Fee? Click here
Another article you might like to read: