China’s Blockchain Service Network to Launch Next Month Amidst Coronavirus Outbreak!
Blockchain-based Service Network (BSN), the distributed ledger technology (DLT) platform being produced by the Chinese government in association with tech firms and financial institutions, will undoubtedly be launched by next month. The blockchain network is created to make it simpler for users to deploy their applications without having to create their own distributed ledgers from the ground up, publishes IEEE Spectrum on March 20, 2020.
China to Launch National DLT Network
While the coronavirus pandemic has slightly hampered China’s central bank digital currency (CBDC) project, the nation has made it apparent that its national blockchain network will launch in April as first scheduled.
To support blockchain-based businesses within its shores to drastically decrease their cost of operations, China is ready to roll out its permissioned and centralized blockchain network named the Blockchain-based Services Network (BSN).
As per sources adjacent to the development, the BSN platform is being developed by the Chinese government in association with banks and tech firms in the region.
Unlike established blockchain networks such as the Bitcoin and Ethereum blockchains, among others, which are entirely decentralized networks managed by no private entity, the BSN will operate as a permissioned network regulated by the Chinese government.
Trading Privacy for Cost Minimization
Nevertheless, despite this privacy error, the founding members of the BSN, which involve the Chinese National Information Center, Red Date, China UnionPay, and China Mobile, have made it visible that users of the platform will profit immensely from the recommended BSN network in terms of cost minimization.
Precisely, as said in the BSN whitepaper, most firms contribute approximately $14,000 to build, operate, and maintain their blockchain networks for one year. But, with the BSN, businesses will be capable of deploying their blockchain-based apps for only $300.
Moreover, the BSN will function as a permissioned blockchain where users will only be capable of sharing data with their trusted associates. Nonetheless, the Chinese government will have the source key of the platform to watch all transactions on the network.
Interestingly, notwithstanding the privacy restrictions of the BSN, the BSN Development Alliance states it intends to make the network a global standard for blockchain operations soon. The team states the BSN will have about 100 functional nodes with thousands of users each, next month.