The Chinese National Blockchain network BSN will come in April 2020 only six months after it was rolled out for testing as we reported in the previous blockchain news.
The Chinese national blockchain is backed by the Chinese government policy think tank and the State Information Center so the project aims to provide a trusted and scalable infrastructure for supporting more blockchain projects as well as the development of the smart cities and digital economy. The deputy head of Smart City Development Research Center of the State Information Center in the country, Tang Sisi, announced the news at the urban regulation innovation forum of China earlier in January as Sina Finance reported. According to the executive, the BSN will officially be launched for commercial operation in April after the network got released for the first time for internal beta testing in 2019 back in October.
As it was initially reported, the BSN network will be an interregional public infrastructure network that was created jointly by the SIC, the state-run telecom China Mobile and the Chinese government-supported payment card network UnionPay China among the others. During the testing phase in October and March 2020, the BSN network is set to involve more than 400 enterprises and 600 developers as Sina reported. It was first piloted in the city of Hangzhou which is the capital of east China’s Zhejiang Province. The BSN network intends to reduce the technical and economic costs that are associated with the development of blockchain adoption as the deputy director Zhang Xueying said.
As the Chinese government has been slowly strengthening its blockchain adoption and expertise, establishing a new national grade blockchain network is seemingly a very important milestone for the platform. Alongside the active development of the blockchain application, China is also working very hard to introduce its own, national digital currency. According to previous reports, the developments of a government-backed digital currency from the People’s Bank of China is progressing without any problems. What’s interesting is the fact that Beijing’s sudden public praise of blockchain sparked a wave of enthusiasm that ricocheted across the crypto markets. Bitcoin also surged as a result and the China-based altcoins delivered considerable growth over a short period of time.
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