Copy link
Increase text size
Decrease text size
Link copied

China’s state-backed Blockchain Service Network to launch in April

Thu, 09 Jan 2020, 05:52 am UTC

China’s national blockchain network is slated to launch in April 2020, Cointelegraph reported citing a report from Sina Finance.

Called the Blockchain Service Network (BSN), the initiative was announced last year. Planned by the State Information Center (SIC), the BSN is a national blockchain service infrastructure platform spanning public networks, regions, and institutions.

The project is also supported by China Mobile, China UnionPay, and other institutions. At the Blockchain Service Network Partner Conference held last month, the Blockchain Service Network Alliance was announced with the initial members joining the initiative, including Huobi China, China Merchants Bank International, China Telecom, and WeBank, among others.

The objective is to create a trusted public infrastructure to support smart cities and digital economy. SIC’ deputy director Zhang Xueying said that the BSN aims to lower the technical and economic costs associated with developing blockchain applications.

The network is currently in the beta phase, which started in October 2019. During this period, the BSN will be provided to 400 companies and 600 developers for testing. Hangzhou is the first pilot city.

Earlier this month, Tang Sisi, deputy head of the SIC’s Smart City Development Research Center, announced that the BSN will be officially launched for commercial operations in April.

Mushrooming blockchain initiatives in China

President Xi Jinping’s endorsement of blockchain technology last year has spurred a number of initiatives across the country. Reports suggest that three institutes in the Shijiazhuang have jointly launched a blockchain-based identification system as part of the smart city infrastructure. In addition, the State Administration of Foreign Exchange has expanded its blockchain-based cross-border financing pilot program to 19 provinces.

Hainan, an island province in China, has announced a special fund of 1 billion yuan to support blockchain companies. Furthermore, new guidelines for blockchain patent applications are slated to come into effect in the country on February 01.

Meanwhile, the country’s central bank, the People’s Bank of China, is working to develop its own central bank digital currency (CBDC). In an announcement dated Jan.05, the PBoC said (via online translation), “The development of fiat digital currencies is progressing smoothly.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,884.48 (+0.88%)
  • Ethereum (ETH) $233.11 (+2.17%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $329.04 (+3.14%)
  • Bitcoin SV (BSV) $232.11 (+3.25%)
  • Bitcoin (BTC) $8,884.48 (+0.88%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft