Blockchain-based Service Network (BSN), the joint initiative of the Chinese government and state-run companies, would officially kick off commercial operations in April. The announcement is considered as a significant milestone given the country’s stance on Blockchain adoption.
Intending to enhance the layout of the country’s Blockchain sector, the State Information Center (SIC) has partnered with China UnionPay, China Mobile, and other leading institutions in the country. Together, these entities have supported the creation of a trans-regional public infrastructure network that would foster independent innovation, uncontrollable security, inclusiveness, and openness, among others.
Zhang Xueying, deputy chief of the SIC, said that BSN’s primary function is to provide a reliable and scalable infrastructure that would aid in the realization of new Blockchain-related projects. Also, he emphasized that BSN would help reduce the costs associated with Blockchain development and promotion. Lastly, he noted that the country-wide project would play an active role in the establishment of smart cities and in further enhancing the country’s digital economy.
Notably, BSN had entered the internal beta testing phase in October 2019. It was scheduled to run until March this year. According to reports, BSN testing involves 600 developers and 400 enterprises. The pilot launch took place in Zhejiang province in its capital city of Hangzhou.
This development came hot on the heels of the People’s Bank of China’s recent announcement about the progress of its central bank digital currency (CBDC). While there isn’t a definite date yet for the launch, industry analysts believe that it wouldn’t take long anymore since the bank claims that the developments are progressing smoothly.