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China Launches Blockchain-Based Service Platform for Global Trade

Six months after the launch of the beta test, China's blockchain-based service network (BSN) has officially opened to the global commercial market.

China Launches Blockchain-Based Service Platform for Global Trade



Government officials and heads of organizations met on April 25 in Beijing to announce the public launch of the BSN network.

BSN is a global infrastructure that helps Blockchain projects design and operate Blockchain and crypto applications at a lower cost. At the same time, the network also promotes the development of smart city and digital economy. BSN was implemented by the cooperation of China Mobile, China UnionPay, and Huobi China.

You may be interested: Director of BIS Innovation Hub: COVID-19 reveals the value of DLT

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Both businesses and individual developers have expressed interest around the Blockchain-based Service Network. According to the report, more than 2000 developers have tested BSN within 6 months since the beta was announced on October 15, 2019. Through BSN, they deploy applications to support the state welfare fund. , goods retrieval and electronic invoices.

During a meeting in Beijing, Shan Zhiguang, president of the Blockchain Service Network Development Association, confirmed that the network now has 128 public nodes. Of these, 76 are in China, 44 are under construction, the rest are located in other cities around the world, spanning six continents. Zhiguang revealed that they plan to place at least 200 more nodes in the Blockchain service network by the end of 2020.

With the official launch, the BSN network will no longer have restrictions on service development or deployment, and is considered to be applicable throughout the beta phase. Network developers are free to upgrade their products at any time.

This is an achievement of China in using Blockchain widely and promoting Blockchain to enhance technology development. In addition, China is actively implementing a central bank digital currency. As reported April 23, Starbucks and Mcdonald's are conducting a trial of the Yuan cryptocurrency.

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