China Releases Nationwide Blockchain Service Network (BSN)
According to reports, China has officially launched a nationwide blockchain service network (BSN) or blockchain hosting platform. The BSN system was developed by UnionPay, the State Information Center (SIC), China Mobile, and three other organizations to support China’s digital economy and smart cities. However, until March 2020, it will be in beta version and all BSN contents and resources will be offered free of charge.
Moreover, SIC is the brain of the Chinese government when it comes to policy-making and economics. China Mobile is a state-owned telecommunications company boasting the world’s biggest network by subscribers. UnionPay is the country’s card issuer. The state-controlled firm is larger than Visa and MasterCard, and has multi-blockchain initiatives.
Furthermore, they created the BSN network in conjunction with Red Date Technology, Smart Government, and China Mobile’s Design Institute (CMDI) subsidiary. The firm focuses on software, digital wallets, and settlements.
In addition, Red Date is providing node capabilities together with a Blockchain web portal for the BSN platform. Additionally, it offers software products for China’s Smart City program. The node software will run ‘city nodes’ in various provinces. Reportedly, UnionPay will manage the city nodes.
Meanwhile, BSN seems like an alternative to private Blockchain platforms such as Baidu’s and AliPay. According to reports, it will enable SMEs, individuals, and students to develop their own businesses. Only 20% of the operational costs of conventional blockchain services will be charged. Founding members are hoping to open-source the BSN once the piloting phase is complete.
Additionally, according to Zhang Xueying, deputy head of the SIC:
“With the 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 based on blockchain technology.”
In conclusion, China runs many public Blockchain initiatives, which includes projects in cross-border customs and company registration. In addition, state-owned banks like the Construction Bank and PBOC are leading in technology. However, the BSN Blockchain network looks to be one of the most ambitious to date.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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