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WeBank becomes technical infrastructure provider for China’s Blockchain Service Network

BSN Homepage Screenshot (TokenPost)

Wed, 11 Dec 2019, 04:57 am UTC

WeBank, a Chinese digital bank founded by Tencent, is reportedly the first technical infrastructure provider for the country’s recently announced national blockchain initiative.

The Blockchain Service Network Alliance (BSN) was announced earlier this month. Planned by the State Information Centre (SIC), the BSN is a national blockchain service infrastructure platform and involves participation from Huobi China, China Merchants Bank International, China UnionPay, China Mobile, China Telecom, and WeBank.

The BSN has published its introductory whitepaper, which states that it is “a global infrastructure network based on consortium blockchain technology and consensus trust mechanisms.”

“The BSN aims to remedy the high cost of local area network frameworks used by current consortium blockchains by providing public blockchain resource environments to developers using the internet concept, thus greatly reducing costs associated with the development, deployment, operations, maintenance, and regulation of blockchain applications to accelerate the development and universal application of blockchain technology.”

The network has already been tested in 25 cities across China as well as Hong Kong and Singapore with plans to complete 200 city node deployments by 2020, CoinDesk reported citing a report from local media outlet.

WeBank will provide the BSN with its patented open consortium chain FISCO BCOS. The BSN has reportedly introduced FISCO BCOS as one of the two major alliance chain platforms that it will adapt to and FISCO BCOS has become the current BSN.

According to a press release dated Nov. 12, 2018, FISCO BCOS, an open-source blockchain platform, is built by Financial Blockchain Shenzhen Consortium (FISCO) Taskforce Team, which includes WeBank, Tencent and Shenzhen Securities Communication, among others.

WeBank introduced the concept of the “Open Consortium Chain,” which basically means that it is “not a single blockchain, but rather a new type of blockchain application ecosystem - a set of blockchain applications aimed to serve the general public.”

The bank will “provide technical support for parties to the agreement using FISCO BCOS to adapt to BSN, and provide professional training and technical support for BSN developers,” the report said (via online translation).

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