Coronavirus will not delay the launch of China’s national blockchain network


  • China’s Blockchain-based Service Network (BSN) will be launching in April 2020, as per schedule.
  • BSN will make it easier for users to deploy their applications without having to build their own distributed ledgers from the get-go.

Despite the outbreak of coronavirus, China has clarified that it will be launching its national blockchain network in April 2020, as scheduled earlier. The Blockchain-based Service Network (BSN) is a distributed ledger technology (DLT) platform developed by the Chinese government in conjunction with tech companies and financial institutions. 

The blockchain network will make it easier for users to deploy their applications without having to build their own distributed ledgers from the get-go. This will help blockchain-based firms in the country reduce their cost of operations. Unlike blockchain networks such as Bitcoin and Ethereum, which are public networks, BSN will adopt a permissioned system controlled by the government of China.

Despite the privacy lapse, the founding members of the BSN, which include the Chinese National Information Center, China UnionPay, Red Date and China Mobile, have said that the network users will greatly benefit in terms of cost reduction. According to the BSN whitepaper, most firms spend around $14,000 to develop, operate and maintain their blockchain networks for just one year. Thanks to the new network, businesses will be able to deploy their blockchain-based apps for just $300.

BSN users will only be able to share data with their trusted partners. However, the government will possess the root key of the platform, allowing them to monitor all transactions on the network. The BSN Development Alliance says that the network will have at least 100 functional nodes with thousands of users each by next month. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Cash Price Analysis: BCH sits on top of strong support barrier

Bitcoin Cash rose from $240 and rose to $276 between October 21 and October 24. After that, the price dropped to ~$260, found support at the 100-day SMA and has gone up to $266.50, as of writing.

More BitcoinCash News

Tezos Price Prediction: XTZ facing potential bearish breakout towards $1.77

XTZ is currently trading at $2.08 right at the bottom of an ascending parallel channel formed on the daily chart. The digital asset is down 53% since its 2020-high at $4.47, established on August 12.

More Tezos News

Chainlink Price Prediction: The last time this indicator turned bullish LINK skyrocketed 300%

LINK established a bottom at $7.31 on September 23 and has rebounded strongly, reaching a peak of $12.97 just three days ago on October 24. The digital asset continues trading inside an ascending parallel channel on the daily chart, currently at 12.35.

More Chainlink News

MakerDAO Price Prediction: MKR aims at a potential price target of $700

MKR has been trading inside an ascending triangle for around 20 days, currently at $589, with a precise resistance level located at $604. The price got rejected several times from this upper boundary, but the support trendline below was held. 

More MakerDAO News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast

BTC

ETH

XRP