China’s Blockchain Service Network (BSN)

The Blockchain-based Service Network of China (BSN), is a platform allowing individuals, enterprises and organisations to interact over a shared blockchain platform. It also hopes, and could possibly be, the infrastructure used to connect emerging smart cities around the globe. The BSN provides tools for developers to create distributed applications (dapp), that are then run on and accessed through this BSN.

Although it is early days there is sure to be some interesting dapps coming soon. The Blockchain Service Network is said to be focusing on Openness, Public utility, Scalability, Open-Source, Multi-portal, Low cost, Autonomy. These 7 core concepts will hopefully see an explosion of distributed application development and adoption, by creating the tools and platform for the developers to use, the BSN essentially allows for a great environment for the growth of blockchain.

The current Blockchain Service Network is hosted on around 80 nodes within China and 8 overseas, covering all continents. The announced plan states that around 200 nodes will be running the network by the end of 2020.

Although being by far the most developed public government led blockchain project, there are similar initiatives being discussed and started around the world. Korea is discussing whether to spend $1 Billion on blockchain technology in its next budget. Nigeria has also seen great government support for blockchain start ups.

The BSN was developed to be the platform where a large part of future blockchain development takes place. By facilitating the foundation for a digital economy, connection to smart cities and ease of integration for users, the BSN is looking, and likely to be, a titan in the blockchain space. It will not be competing with any other government led initiatives as there are none of similar magnitude out there, the BSN will instead be competing directly with platforms such as Ethereum.

China has also recently declared various blockchain positions as official, with clear definitions of roles and responsibilities. Along with the CBDC or Digital Yuan, it is clear that China is far ahead in terms of government backed blockchain projects, an example that many would gain to emulate.