Xi Jinping, president of China has declared that his nation requires to ‘seize the opportunities presented by blockchain technology.’ The Chinese leader, in a speech in 2019, said blockchain was a ‘significant breakthrough in independent innovation of core technologies.’ As an outcome of that speech, blockchain was hoisted as a national priority for China, among other technologies – like semiconductors – that the nation is trying to uplift its capabilities in.

Since then, China has been creating a platform that supports the deployment of blockchain technology for firms, without much fanfare and publicity. It is termed a Blockchain-based Service Network (BSN). So, basically, a product of BSN is aimed at firms, specifically, those operating cloud computing infrastructure. That could be a large public cloud player such as Microsoft or Amazon, or it could be a company that operates its own intranet or private cloud.

BSB bills itself as a ‘one-stop shop’ to deploy these blockchain apps in the cloud, a process that could otherwise be time-consuming and expensive. For firms that wish to use many blockchain apps in their organizations, BSN’s product would enable them to do that through the cloud vendor they utilize instead of installing many new servers to create a blockchain product. The idea is that government or a business can use the BSN’s platform to easily deploy blockchain apps, without incurring a high cost.