China’s National Blockchain is a Step up to the Next World

China’s National Blockchain is a Step up to the Next World

The introduction of China’s Blockchain-based-services Network (BSN) was done last year by the President Xi which later got covered by simultaneous announcement of China’s digital RMB currency. The BSN being a major part of China’s national blockchain strategy is scheduled to be launched on June 25 globally.

The BSN will be working for colossal interconnectivity throughout the mainland. It will work in the same way with the Digital Silk Road to provide interconnectivity to all of China’s trade partners around the globe. The core BSN founding consortia partners are the State Information Center, China Mobile, China Unionpay, and Red Date Technologies.

The BSN has developed a cloud management technology and China mobile has been accelerating the rollout of 5G and cloud adoption in the mainland. Companies will be allowed by the launch of BSN to access ultra-low cost blockchain cloud computing services.

The launch of the BSN will be done with the participation of hundreds city nodes, three major national telecoms, major framework providers. China government will connect major cities in the country with a master plan and next year it will be rolled out to 200 cities. To provide services for citizen across the mainland, a number of blockchain-as-a-service applications are already developed by city governments.

As per the Chinese central government’s thought, considering the privacy issue and not implementing all of at scale with a blend of decentralized systems at the moment, a permissioned blockchain ecosystem becomes the key infrastructure-of-infrastructures allowing the vertical integration of cloud computing, 5G communications, industrial IOT and big data with fintech and other application-level services overlayed on the stack.

BSN being a permissioned chain forked from Hyperledger Fabric, will be interoperable with major blockchain platforms and frameworks at its launch. The development of the BSN has been done keeping the security and privacy protocol operator on top of mind.

After launch, BSN ecosystem will be the largest national blockchain ecosystem in the world and anyone who wants can start his activity with BSN network like becoming a node, deploying a dapp, sharing data and operating business in a trusted way. But the lockdown across the globe has become as a looming dark and as a result of the people are decoupling themselves from each other. It is expected that BSN will benefit global trade and bilateral economic activity maintaining connectivity among the world. It will facilitate in efficient cross-border trade, investment and international collaboration.

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