China is putting its back behind the blockchain world by building an exclusive, country-wide network. Called the Blockchain-based Service Network (BSN), this venture was launched in October 2019, and today has nodes running in 200 Chinese cities.
Developing on the blockchain can be a costly affair. A report says it could take around $14,000 a year to create and manage a blockchain for business purposes. China’s BSN aims to bring the cost down so that any business could build their services on just $300.
The BSN is offering server spaces cheap, as well as tools and supporting elements like templates for basic functions. This is the first time that a country-wide, standardized network is being created, which could integrate other networks as well to create a highway-like network.
One expert is calling this the next stage of the internet, which he opines is growing old. The network is however closed, and requires permissions, being in China. Current users of the BSN are over 20,000, and there are thousands of projects.
An expected advantage of BSN is that it will allow for interoperability between various blockchains. On a different note, China is the top country filing blockchain patents today. BSN will clear up the hassles and hurdles of creating and maintaining blockchain infrastructure.
BSN will not be cut off from the world. A leading consultancy has indicated plans to launch its blockchain services in China over the BSN.
Yet another big function of the BSN will be to host its official crypto-currency. For this, a UDPN is under development. The universal digital payment network will host the central bank digital currency or CBDC. The UPDN can host other official currencies as well using an API.Share & like