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China to Launch National Blockchain Network in 100 Cities


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A portion of a blockchain network.

An alliance of Chinese government groups, banks, and technology firms plans to launch the Blockchain-based Service Network in April.

Credit: IADB.org

An alliance of Chinese government groups, banks, and technology firms plans to launch the Blockchain-based Service Network (BSN), one of the first blockchain networks constructed and maintained by a central government, in April.

Advocates say the BSN will slash the costs of blockchain-based business by 80%, with nodes hopefully installed in 100 Chinese cities by launch time.

The network will allow programmers to develop blockchain applications more easily, but apps running on the BSN will have closed or "permissioned" membership by default.

North Carolina State University's Hong Wan suggests China's government aims to make the BSN the core component of a digital currency and payment system that competes with other services.

The BSN Alliance hopes the platform will become the global standard for blockchain operations, but the Chinese government's retention of the BSN's root key means it can monitor all transactions made via the platform.

From IEEE Spectrum
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