China will launch a nationwide Blockchain network next week

The “Blockchain-based Service Network” (BSN), will be launched in China on April 25.

BSN helps to save costs

The locomotive of this project is the country's National Information Center. The goal of the project is to support companies to save time and costs in implementing Blockchain projects.

The BSN Development Association wrote in the project's prospectus:

Currently, the expensive execution, operation and maintenance structure is a major obstacle to the application of Blockchain [...] so the industry is in dire need of a public infrastructure network.

The association pointed out that the cost to operate a regional network based on enterprise Blockchain with 3 traditional members is up to 100,000 RMB (~ 328,000,000 VND). Meanwhile, BSN has the ability to cut costs in chain creation and operation by 50 times.

Thus, many small and medium-sized businesses as well as people, such as students, will want to use BSN to invent and innovate, thereby accelerating the development and popularity of Blockchain technology. .

The association also commented that BSN is an "online network of many Blockchains".

See more: Economist John Vaz: Libra Is Bitcoin's Big Threat

BSN . founding team

The BSN network was first introduced by this association at the end of 2019. In addition to the National Information Center, there are 5 enterprises in 3 Chinese telecommunications, financial and technology industries:

• Design Department (Mobile Communications Corporation)
• Corporate & government service company
• UnionPay
• Mobile financial technology
• Beijing Red Date Technology

The association reports that BSN has established approximately 100 public nodes in the inner city when cooperating with the 3 largest Chinese carriers (China Mobile, China Telecom & China Unicom).

Next, the Consortium plans to grow to 200 nodes, through partnerships with carriers, global cloud service enablers, and industry stakeholders.

It seems that the Chinese government is stepping up the application of cryptocurrency and the technology behind it during the Corona epidemic season. On April 13, they announced the list of members of the national Blockchain committee with the task of setting industry standards. On April 14, the Agricultural Bank of China launched a test phone software under the country's line of cryptocurrency projects. Follow primexbt news to update information

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