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China launches its blockchain-based service network for worldwide commercial use

April 27, 2020

Six months after the start of the beta test China’s blockchain-based service network (BSN) is now officially available for worldwide commercial use.

Several Chinese government officials and heads of organizations met in Beijing on April 25 to announce the public launch of the BSN.

BSN is a global infrastructure that enables blockchain projects to build and run new blockchain applications at a lower cost. The goal is also to accelerate the development of smart cities and the digital economy.

China launches its blockchain-based service network for worldwide commercial useChina launches its blockchain-based service network for worldwide commercial use

China Mobile, China UnionPay and Huobi China jointly created the BSN.

A blazing start

Both companies and individual developers have shown interest in the blockchain-based service network. According to the report Over 2,000 developers have tested the BSN in the six months since the beta launch on October 15, 2019. BSN developers created applications to support nonprofit organization, article tracking, and electronic invoicing.

During the Beijing meeting Shan Zhiguang, President of the Blockchain Service Network Development Alliance, indicated that the network currently has 128 public nodes. 76 of these nodes are located in China44 are under construction and the remaining 8 are overseas city hubs spanning six continents. End of 2020Zhiguang revealed Plan at least 200 nodes in the network.

With the official launch of BSN, The network is no longer restricted to developing or deploying the applications and accounting that apply during beta. Network developers can update their applications at any time.

This is another of China’s achievements in terms of broader blockchain adoption and the use of blockchain to drive its technological development.. In addition, China has been actively working on its central bank’s digital currency. According to a April 23 report by Cointelegraph, Starbucks and Mcdonalds were already testing the digital yuan.

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