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China Launches National Blockchain Network in 100 Cities
- by wittx 2020-03-28
Next month, an alliance of Chinese government groups, banks, and technology companies will publicly launch the Blockchain-based Service Network (BSN). It will be among the first blockchain networks to be built and maintained by a central government. Think of it like an operating system, where participants can use existing blockchain programs, or build their own bespoke tools, without having to design a framework from the ground up.
The BSN’s proponents say it will reduce the costs of doing blockchain-based business by 80 percent. By the end of 2020, they hope to have nodes in 200 Chinese cities. Eventually, they believe it could become a global standard.
China leads the world in blockchain-related patents, according to the World Intellectual Property Organization. And blockchain goes far beyond Bitcoin; the technology can be used to verify all sorts of transactions.
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