China’s Blockchain-based Service Network (BSN) will launch in April this year. The ambitious project is backed by the Chinese government policy think tank, the State Information Center (SIC). It is aimed at providing a trusted yet scalable infrastructure for supporting new blockchain projects and the development of smart digital economy.
BSN, A Joint Initiative State-Run Firms and State Policy Think Tank of China
The deputy head of the Smart City Development Research Center of the China’s SIC, Tang Sisi, announced this news at the China Urban Regulation Innovation Forum recently. As indicated by the executive, the BSN will officially be launched for commercial operation in the month of April this year after the network was first released for internal beta testing in October last year.
As reported previously, the BSN network is an inter-regional public infrastructure network jointly developed by the SIC, China Mobile and China UnionPay, among others.
China Strengthening Blockchain Adoption in the Nation
Amid the internal testing phase between October 2019 and March 2020, the BSN network, as reported, is set to add a total of 400 enterprises as well as 600 developers. First piloted in the city of Hangzhou, the BSN is mainly aiming to reduce technical as well as economic costs associated with developing blockchain adoption.
Since the Chinese government is gradually strengthening its blockchain adoption as well as expertise, the establishment of the latest national grade blockchain network is apparently a significant milestone in its approach. China, along with the active development of blockchain applications, has been working really hard to introduce its own virtual currency.