ChinaChain – Finally, China Launched its Blockchain Services Network for Commercial Use

ChinaChain

The major blockchain project of China, Blockchain Services Network (BSN), launched yesterday for use. This was included in the list of Blockchain strategy that was initiated and enforced by the Chinese President Xi. The network is first ever of its kind as it is called the internet of blockchains that will connect 128 cities with each other.

BSN will Change the World

The blockchain project BSN was unveiled yesterday via virtual press conference in Beijing. This new blockchain infrastructure will “change the world” as it will be available to every medium and large-sized business.

The founding partners behind the project represent the Chinese largest tech groups, including the State Information Center, China Mobile, China Unionpay, and Red Date Technologies. As it is backed by state-owned firms, we can say that it is a government initiative to lead in the blockchain industry by developing the largest network connecting cities and countries.

Throughout the country, nodes will join 128 different cities with each other. It is not just limited within the country, as nodes will also connect seven cities outside china, including Tokyo, California, Sydney, Singapore, Paris, San Paulo, and Johannesburg.

An Internet Environment

The Chairman of the BSN’s Development Association, Zhiguang Shan, claimed it more than a “blockchain infrastructure”. Rather, he called it an “an internet environment” where world top blockchains can link together, including Ethereum, Baidu’s Xuperchain, EOS, Hyperledger Fabric, WeBank’s FISCO BCOS, and ChainSQL.

The whitepaper of the BSN claimed it to be “a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain applications.”

“The BSN will catalyze the globalized digital economics of the future,” Professor Michael Sung, the founder and Chairman of CarbonBlue Innovations, said. “The BSN will be the backbone infrastructure technology for massive interconnectivity throughout the mainland, from city governments, to companies and individuals alike.”

The Chinese government’s plan to launch its digital currency is on the way as Coronavirus delayed the play of launch at the start of the year. However, according to the plan, it will be launched soon throughout the country via the central bank.  

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