InsideBitcoins.com

China’s National Blockchain Platform Will Go Live in April

The world is still struggling to find the right approach to blockchain and cryptocurrencies, China is going beyond ideation to launch a full-scale digitization process. The authorities are planning to launch a national blockchain platform for individuals and business this April.

What is China planning?

The Blockchain Service Network (BSN) was first announced on October 15, 2019. It is a trans-regional public infrastructure network released by state-run telecom company China Mobile in association with Red and China Union Pay. The Chinese National Information Center is at the helm of this project, gathering resources and support from banks, government groups and other institutional. Popular cryptocurrency exchange Huobi is also involved in this project.

China’s National Blockchain Platform Will Go Live in April

An announcement suggests that the system is looking to service the digital economy and smart cities using emerging technologies like 5G, AI and the Internet and Things. BSN is expected to provide cheaper alternatives to SMEs to build their own businesses from scratch. It will also help in developing custom applications for the users within its blockchain environment.

What else does the BSN offer?

There is limited information available about the network. However, an article on IEEE Spectrum suggested that it will be a permissioned network that will allow only approved members in the house. Interestingly, it has used the word “public” in the name of the network. This type of architecture will help remove unauthorized parties from the blockchain which will be beneficial for typical businesses who will find it easy to scale.

The blockchain is based on the BCOS open-source protocol which was derived from Ethereum (Find out more about how to buy Ethereum with PayPal). The protocol was developed by the Financial Blockchain Shenzhen Consortium (FISCO) which includes Tencent, WeBank, Huawei, and ZTE. The blockchain network boasts of Byzantine fault tolerance and supports Zero-Knowledge Proof. The blockchain also comes with observatory nodes which will help authorities monitor the network.

The blockchain has already seen some pilot projects. For instance, the BSN Development Alliance, which included some founding members who were running the initiative, signed a strategic cooperation agreement with Hangzhou’s local government in late 2019. The two partners aim to explore the use of cases for blockchain in creating smart city infrastructure and governance.

The applications planned by then include a digital identity system. It will also be used for credit rating ledger for SMEs and road health monitoring initiatives. BSN has been undergoing beta-testing and development. The system will go live in April 2020 and will have a hundred city nodes that will be spread across China and across the world.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies
4.5/5

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews

    https://insidebitcoins.com/visit/etoro-newsCreate your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees
    4.5/5

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews

      https://insidebitcoins.com/visit/plus500-newsCreate your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.
      Avatar

      Sherlock Gomes loves to write and express his views on anything related to Crypto. He has been covering Crypto for more than two years now. He likes Bitcoin and Cardano. He also writes on Finance, Healthcare, and Technology among other stuff. He can be reached by e-mail on sherlockg@insidebitcoins.com