China’s nationwide blockchain network, the Blockchain-based Service Network (BSN) will launch in April 2020. The launch will commence after its six months of the beta testing period gets over. The network primarily aims to improve the layout of the blockchain sector. And serve the development of smart cities as well as the digital economy.
Backed by the State Information Center (SIC), the ambitious project has the vision to offer a trusted and scalable infrastructure for new blockchain projects. SIC is the Chinese government policy think tank that makes important decisions for the government.
China’s Blockchain Network: A Joint Initiative between SIC & State-run Companies
The announcement first comes at the China Urban Regulation Innovation Forum in early January. The deputy head of the Smart City Development Research Center of China’s State Information Center, Tang Sisi, reveals the news at the forum. The news was first published by the Chinese finance-focused publication Sina Finance on 7th January this year. According to the executive, the BSN will be officially launched for commercial operation in April after the network was first released for internal beta testing.
As per the previous report, the BSN network is an interregional public infrastructure network. It was jointly developed by the SIC, major China’s state-run telecom China Mobile, and the Chinese government-supported payment card network China UnionPay.
China to Further Strengthen Blockchain Adoption with the Project BSN
During the internal testing period, the BSN network will 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. Zhang Xueying, the deputy director of SIC says.
As the Chinese government has been gradually strengthening its blockchain adoption and expertise, the establishment of a new national grade blockchain network at the same time is an important milestone in its approach. Alongside the active development of blockchain applications, China also has been working hard to introduce its own digital currency.
According to the report published on Jan. 6 by theblockcrypto, the development of a government-backed digital currency at the People’s Bank of China is progressing smoothly.
So, what do you guys think? In fact, who will win the Blockchain War? USA or China; do let us know