Coinspeaker
China Plans to Launch National Blockchain Platform Next Week

China is set to launch its national blockchain platform on April 25. Sources say that the platform is called the Blockchain Service Network (BSN). It is aimed at reducing the cost and scaling requirements of decentralized applications.

This comes as the Chinese are set on leading the world in new technologies. The main Chinese state agency behind this is the State Information Center. The plan by the agency is to enable participants in the network to develop blockchain and decentralized applications at an unprecedented pace.

A new alliance of technology organizations was created by the Chinese government last year. The whitepaper reads:

 “High-cost deployment, operation, and maintenance structure is the main current bottleneck toward blockchain development […] thus, there is an urgent need within the industry to create a public infrastructure network.”

The BSN is to serve very much like the public sector telephone networks (PSTN) that are obtainable in many countries. Solutions developers can deploy of this national network.

The association also noted:

 “This will encourage a vast number of small-, medium- and micro-sized enterprises, and individuals such as students, to use the BSN to invent and innovate, thereby accelerating the rapid development and widespread use of blockchain technology,” said the association. The BSN is “the internet of blockchains.”

In addition to this, the Chinese government just recently created a national blockchain committee. The committee includes executives from technology heavyweights such as Huawei, JD.com, Baidu, Tencent, and also Ant Financial. The committee’s official name is the “National Blockchain and Distributed Accounting Technology Standardization Technical Committee.”

Its main aim at this time is to create new standards for the upcoming BSN.

Several permissioned protocols shave been added to the BSN. Sources say that the protocols are a combination of both local and foreign protocols. The Hyperledger Fabric is already a part of the protocols that run off the BSN.

Xuperchain developed by Baidu is also on. Public blockchain Bitcoin, however, isn’t. The BSN itself isn’t readily accessible to everybody. Only those with specific clearances are allowed to link up to the BSN and deploy their applications.

This has raised concerns about the legitimacy of the BSN as a DLT. Many believe that while the BSN may have the technology, it may not function as a true DLT due to one mitigating factor that others also fear: Control.

Skeptics believe that the development of the BSN will give the Chinese government the right to monitor transactions. The BSN whitepaper has assured users of anonymized transactions.

Many, however, aren’t so sure.

The other issue of self-governance of the BSN without state interference has also been raised among skeptics. Many believe that the Chinese government will interfere with BSNs operations.

This has made many within the DLT space (especially in the West) to become wary of the BSN and its partners; some of whom are already having issues with western governments.

There are also reportedly about 100 city nodes on the BSN. This will double in size hopefully by next year. This may also serve as the next information superhighway for the Chinese government.

Only time will tell if the BSN will make the big bang that the Chinese have made it out to be. For now, it seems that they have stolen the spotlight and left the rest of the world in a lurch.

China Plans to Launch National Blockchain Platform Next Week

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

137 +