- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.