How China is Changing the World with Blockchain
Updated: Jul 28, 2020
China is looking to lead a technological revolution by launching its national blockchain platform. This move could transform the global economy and usher in a new digital age.
The new blockchain initiative known as Blockchain-based Services Network (BSN) was announced by President Xi in November 2019 and was launched nationwide in China on April 25th.
It is scheduled to be launched globally on June 25th this year. The BSN will serve as the foundational infrastructure technology that connects institutions in the Mainland. City governments, corporations, individuals can all be connected securely and efficiently through the BSN.
The BSN aims to provide a more efficient, transparent manner for sharing data, value, and digital assets for users that choose to be on the network. The network has developed cloud management technology that allows computers to perform multiplexing on top of multi-cloud architecture in an efficient and low-intensive manner.
The Chinese government views blockchain technology as an essential catalyst for ushering in a digital age in which smart cities are securely connected by 5G networks. The security of blockchain technology makes it great for handling sensitive government information and ensuring citizen privacy commercial and private use by others. Companies will be able to use the low-cost blockchain cloud computing services on the BSN at affordable rates. The service is rumored to be offered for less than $400 per year and would provide individuals and/or businesses with access to a digital economy that provides them with numerous financial opportunities.
The BSN’s widespread adoption is an event that has never been witnessed before. One hundred city nodes will be available at the time of launching the network, with all the major national telecoms and framework providers participating as well. The network is planned to be expanded to over 200 cities next year, and is aimed at eventually connecting 451 cities.
BSN’s widespread adoption is an event that has never been witnessed before. One hundred city nodes will be available at the time of launching the network, with all the major national telecoms and framework providers participating as well. The network is planned to be expanded to over 200 cities next year and is aimed at eventually connecting 451 cities.
The BSN is expected to operate with public chains and decentralized platforms by July 2020. At the time of launch, the network is able to operate with major blockchain platforms such as Ethereum, Fabric, and Hyperledger.
The BSN was created with strong and secure privacy measures in mind. These measures can benefit the people or institutions that are in charge of operating the protocol. This is not too dissimilar from the TCP/IP internet protocol that was originally created by the U.S military, bu twas expanded for commercial and private use by others.
The network is being launched during an important moment in humanity when global financial uncertainty is at an all time high. The technological innovations being introduced by the BSN could help bring people together and provide countries and institutions with a way forward after the current pandemic is over.