The Central Government’s ‘Blockchain-based Service Network’ (BSN) will launch in China in April, with six months of testing behind it. Characterized as one of the most ambitious blockchain projects in the world, the BSN is backed by China’s government policy think tank organization named the State Information Center (SIC).
Reported by Sina Finance on Jan. 7, the deputy head of the Smart City Development Research Center of China’s State Information Center revealed the news during the recent China Urban Regulation Innovation Forum. The project is said to be a scalable and trusted infrastructure that can support future blockchain projects and assist with the development of digital economies and smart cities.
Furthermore, deputy head Tang Sisi claimed that the BSN will launch in April after extensive commercial testing. Sisi also revealed that beta testing commenced as early as October 2019. As a reminder, Chinese President Xi Jinping held his blockchain adoption speech during the same month.
BSN is supported by several organizations and institutions in China and will represent an interregional infrastructure network. Apart from SIC, the blockchain project is also developed by China Mobile and UnionPay, a payment card network in China.
Another ‘Great leap forward’ with blockchain
No words were spared when the Chinese central government called the BSN one of the most ambitious blockchain projects in the world. Official data states that the project enjoys support from more than 600 developers and 400 enterprises.
Created to diminish costs for blockchain adoption and reduce technical problems, the Blockchain-based Service Network initially went through several test phases in Hangzhou. Combined with the planned national cryptocurrency, the digital yuan, China will become one of the frontrunners when it comes to blockchain adoption.
As CryptoPythia reported on Jan. 6, the People’s Bank of China reported that the bank’s digital yuan is progressing smoothly. According to some views, the central bank digital currency (CBDC) could launch as early as summer 2020.