The Chinese government has announced that its national blockchain network will go live in April. With the support of giants like China Mobile, China UnionPay, China Merchants Bank and others. With the support of large corporations, the Blockchain service network aims to accelerate the adoption of decentralized technologies.
According to local reports , the project aims to significantly lower barriers to entry for small businesses. Providing them an environment to develop and implement various blockchain applications for a fraction of the cost that it usually costs.
The announcement was made by the deputy director of the National Information Center's Smart City Development Research Center Tang Sisi at the China Urban Governance and Innovation Forum.
China reaching the goal with BSN
Since last October, the national network of Blockchain Service Network (BSN) has undergone beta testing, with a full commercial launch scheduled for April. The report indicates that 400 companies and 600 developers are among the participants
The BSN will consist of permissionless and licensed networks, with the former open to the general public and the latter divided into “alliance” networks and private networks. It is aimed at corporations and other large companies.
The permissionless chain is supposed to provide small businesses with a way to cut costs generally associated with running blockchain applications. The BSN should provide server costs for decentralized applications of only two to three thousand yuan per year ($ 290–430).
The objectives are set
These very low expenses are expected to encourage a large number of small, medium and micro enterprises, and even individuals, including students, to innovate and start businesses in the national service network, “Promoting the rapid development and popularization of blockchain technology".
Along with the announcement of the release date, the project whitepaper was also revealed. And it describes BSN's network architecture, stated benefits, and other details. The platform is reportedly based on FISCO BCOS, an open source Chinese blockchain created by the Financial Blockchain Shenzhen Consortium. What is it “secure and controllable, and open sourced as one of the two underlying alliance chain platforms”. Huawei, ZTE, Tencent and WeBank are among the members of the consortium.
Lately, China is doubling down on various blockchain projects in an attempt to solidify its position as one of the world leaders in terms of decentralization. A notion sparked by President Xi Jinping's endorsement of blockchain as a core technology. Chinese banks are no exception, as local financial institutions are also racing to adopt blockchain.
