It will be among the first blockchain networks to be built and operated by a central government.
On April 25, an alliance of Chinese government groups, banks and technology companies will publicly launch the Blockchain-based Service Network (BSN).
BSN supporters say it will reduce the cost of doing blockchain-based business by at least 80%. The roadmap predicts that by the end of 2020 there will be as many nodes and hundreds of thousands of users in at least 200 Chinese cities, with the stated intention of becoming a global standard.
In 31 provinces, including autonomous regions and municipalities across the country, more than 50 nodes are currently located in as many public cities and the blockchain service network has already been completed and implemented.
In several statements, Chinese government authorities have stated that although the protocol will be allowed, BSN will also include other authorized and surprisingly public blockchain frameworks.
More incredibly, BSN specifies that it will incorporate two public protocols: Ethereum and EOS. These protocols will be allowed as nodes, but outside of Chinese territory and only after the Beta phase, which is expected to end in July of this year.
In any case “it will not be allowed to distribute and use public blockchain nodes on BSN portals within China”.
Zhang Xueying, deputy director of the National Information Center, said that BSN has the characteristics of innovation, openness and inclusion that are secure, controllable and independent, which will effectively reduce the technical and economic threshold of the blockchain application.
With the gradual adaptation of cutting-edge technologies such as 5G, Internet of Things and Artificial Intelligence, BSN will provide customized, high quality services for the construction of smart cities and the development of the digital economy in China and generate a number of new industries and technologies based on blockchain applications.
Shi Wenchao, president of China UnionPay, said that in the future the blockchain service network will closely connect with partners such as governments, businesses, institutions and technology companies to break down industry barriers and achieve data interconnection, resource sharing and business collaboration in all areas of life.
Helping to solve the problems facing the real economy.
BSN Blockchain-based Service Network
It is designed as an operating system, where participants can use existing blockchain programs or create their own custom tools without having to design a framework from scratch.
BSN supporters say it will reduce the cost of doing blockchain-based business by at least 80%.
By the end of 2020, they hope to have nodes in 200 Chinese cities. aiming to become a global standard.
BSN will enable programmers to develop blockchain applications without requiring exorbitant deployment costs.
It is estimated that it will cost companies approximately $300 to deploy an application on BSN.
Unlike Bitcoin and other unauthorized blockchains, applications running on BSN will have exclusive access. This “authorized” configuration, according to BSN, is best suited to companies who typically wish to share transaction data only with trusted partners.
As reported in the HERE (BSN) release, it is ready to be launched for commercial and home use as early as April 25. If it works as expected, companies and software developers will be able to connect to BSN and build blockchain applications based on the easy to use Lego set.
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Independent researcher and consultant, Tech Writer at Blockchain Technology. From Italy