China’s nationwide blockchain network, the Blockchain-based Service Network (BSN), will launch in April 2020, six months after it was rolled out for testing.
Six months after the start of the first tests, China has confirmed that the new national blockchain network will be fully functional and operational starting next April. Backed by Chinese government policy think tank the State Information Center (SIC), the ambitious project aims to provide a “trusted and scalable” infrastructure for supporting new blockchain projects as well as the development of smart cities and the digital economy.
BEIJING, Oct. 15 (Xinhua) — China launched a nationwide blockchain-based service network (BSN) on Tuesday, with aims to improve the layout of the blockchain sector and serve the development of smart cities and the digital economy.
As a trans-regional public infrastructure network, the BSN was jointly launched by the State Information Center (SIC), China Mobile, China UnionPay and other institutions.
Featuring controllable security, independent innovation, openness and inclusiveness, the network will effectively reduce the technical and economic threshold for the application of blockchain, said 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, according to Zhang.
Beta tests of the network have also kicked off, with all related content, applications and resources free of charge before March 2020.
We had already guessed that China intended to press the accelerator between November and December, when President Xi, in his keynote speech, said that the country considers blockchain as one of the most important technologies for the near future; from the declarations of intent, therefore, to their translation into reality to the Chinese it was not enough that a few weeks and now, as announced by the China Urban Regulation Innovation Forum on 7 January, we also have an official date for the launch of the new Chinese blockchain network which it is precisely April 2020.
The project, developed by the main Chinese state telecommunications company and the government-supported payment card network (UnionPay), will allow China to further strengthen its leadership in the blockchain industry globally and will reduce technical and economic costs associated with the development of the adoption of blockchain technology.
Meanwhile, the development of a state cryptocurrency guaranteed by the central bank (CBDC) is proceeding smoothly, as reported by a report taken on January 6 by Cointelegraph. So it is now clear that China is destined to act as a forerunner for all other large countries leading the global adoption of the blockchain between now and the next few years.
China to further strengthen blockchain adoption with the project
During the internal testing period between October 2019 and March 2020, the BSN network is reportedly set to involve a total of 400 enterprises and 600 developers, Sina reports. First piloted in the city of Hangzhou, the capital of east China’s Zhejiang province, the BSN specifically intends to reduce technical and economic costs associated with developing blockchain adoption, SIC’ deputy director Zhang Xueying said.
As the Chinese government has been gradually strengthening its blockchain adoption and expertise, the establishment of a new national grade blockchain network is apparently an important milestone in its approach. Alongside the active development of blockchain applications, China has been working hard to introduce its own digital currency.
According to a Jan. 6 report by Cointelegraph, development of a government-backed digital currency at the People’s Bank of China is progressing smoothly.
The decade has just begun, and will almost certainly also be the one in which we will witness the emergence of this new technology, just as the decade that has just ended was the one that saw the explosion of connectivity and the spread of smartphones.