Sources indicate that it has taken six months to test China’s national blockchain service network. It will launch in April 2020. The blockchain service network is an initiative of the State Information Center (SIC). The SIC is responsible for formulating information policies for the Chinese government. The SIC is also in charge of sponsoring the Chinese Economic Information Network.
The network is the primary organ for information on the Chinese economy. The BSN is aimed at giving new blockchain projects a solid backbone. This will also aid further incubation of blockchain projects in China. Sources report that the BSN is jointly run between the SIC and other state-run entities.
The BSN functions very much like the Public Sector Telephone Network (PSTN) of two decades ago. In essence, there is a PSTN for blockchain projects within China. Various state-run partners are involved. They include China Mobile, China UnionPay alongside other entities.
The emergence of China’s national blockchain service network shows resilience. The Chinese government in less than six months has taken the issue in stride. This will allow the evolution of the blockchain space. Projects will take-off based on innovation. This gives China the edge in blockchain technology as well. Read More...