China Rolls Out Blockchain-Powered Service Network for Worldwide Commercial Use April 27, 2020

China Rolls Out Blockchain-Powered Service Network for Worldwide Commercial Use

China’s Blockchain powered Service Network (BSN), six months through the beta trial, is now offered for worldwide commercial purposes.

Several Chinese government officials and leaders of institutions came together for a convention in Beijing on April 25 where they revealed the public roll out of the BSN.

The BSN is a worldwide network to assist blockchain ventures develop and operate fresh blockchain applications for a lower price.

It also intends to expedite the creation of smart cities and the digital economy. China Mobile, Huobi China and China UnionPay have collaborated in the development of the BSN.

Both corporate and individual programmers have expressed interest in the Blockchain-based Service Network.

As per the report, over 2,000 coders have used BSN for six months since its roll out on October 15, 2019.

The coders on BSN developed apps to assist public welfare charity, digital invoices and product traceability.

During the Beijing seminar, chairman of the Blockchain Service Network Development Alliance, Shan Zhiguang, revealed that the network currently comprises of 128 public nodes.

Of these, 76 are in China, 44 are being set up and the rest 8 of them are spread across six continents. Zhiguang disclosed that the network is expected to have 200 nodes by the end of this year.

Following the official roll out of the BSN, the network will not face any limitations on the creation or installation of applications and accounting that were pertinent during the beta phase.

The network’s core programmers also have the liberty to overhaul their apps as per their wish.

It is another accomplishment for China with regards to blockchain adoption and capitalizing on blockchain to forge ahead with its technological advancement.

Furthermore, China is diligently engaged on its central bank digital currency. Notably, there have been reports that McDonald’s and Starbucks are already piloting the digital yuan.