Currently, the network has 128 public nodes, of which the majority come from China but a small number are overseas stretching across six continents. Blockchain technologies are extremely powerful for enterprise applications as it allows for large scale data tracking with a guarantee on the authenticity of data. According to Chinadaily, the BSN was rolled out in conjunction with Hangzhou’s City Brain platform and focussed on e-governance improvement, disinfection for hotels and more individualised technological services. We welcome comments that add value to the discussion. The document, which is set for release later this year, will plot out how the technologies will shape the next decade. We note that it does […] Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. The first is commercial and this will allow businesses/blockchain startups to use the network to develop applications, offering a public alternative to the private blockchain networks which already exist. More recently though, the shift has been more national with Blockbeats reports from May 12th claiming that the Ministry of Human Resources and Social Security of China is looking for 10 new roles with regards to blockchain, these include Blockchain Engineering Technicians and a Blockchain Application Operator. China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. According to an official announcement on Sept. 24, Tezos has been selected as the “one of the first batch of … The network will have two primary functions. Every day we send out a free e-mail with the most important headlines of the last 24 hours. Alongside the announcement of its digital currency electronic payment (DCEP) last month, China also launched its blockchain service network (BSN) signaling its continued shift towards a digital economy. The BSN is a one-stop shop for DApp developers to deploy and manage any permissioned or permissionless blockchain applications. BSN’s mission is to provide a public infrastructure network … Today China’s Blockchain-based Service Network (BSN) outlined an audacious plan for a global network that will support future central bank digital currencies (CBDC) from multiple countries. More often than not, we find extremely biased information that exploit the complexity of blockchain to obscure facts. Provincial governments across the nation have been implementing various blockchain projects. 1017 JZ Amsterdam The system was built by UnionPay, the State Information Center (SIC), China Mobile, and three other organizations to support the digital economy and smart cities. Evidence for this comes from reports of Webank writing smart contract digital asset modeling language. At the moment, the Chinese version of the network supports only enterprise blockchains (that offers SMEs services similar to cloud-hosting). The Blockchain Service Network (BSN) is a platform set up for individuals, businesses and local governments on which they can build blockchain applications. Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. All rights reserved. The document is a fifteen-year plan for China’s development and blockchain/digital currencies will be an integral part. BSN Adds New Blockchain Projects. Ethereum, Chainlink, EOS, Tezos, NEO, Nervos and IRISnet will be part of the redesigned BSN International Portal. Today China’s Blockchain-based Service Network (BSN) outlined an audacious plan for a global network that will support future central bank digital currencies (CBDC) from multiple countries. Clearly though, both blockchain and a digital yuan are integral parts of China’s future, something which will be enshrined in writing within the China 2035 Standards document set for release later this year. The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about latest developments in the industry. The BSN was launched by China’s State Information Center (SIC), China Mobile, UnionPay, Smart Government, and Red Date Technology, which is coordinating the international rollout. BSN further reiterated China’s commitment to blockchain developments by revealing that it plans to create more public city nodes (PCN). It’s also important to point out that there are two versions of the BSN: one is called “BSN China” and the other is “BSN International.” According to He, BSN is still one network, but the governance is divided between BSN China and BSN International. China’s Blockchain-based Service Network (BSN), the country’s nationwide blockchain project, has just launched an official international website, Cointelegraph reports.. The speed that BSN is expanding is massive and the goal is to have 200 server nodes across China by the end of 2020. Launched in China in April, BSN was designed to boost the integration and adoption of blockchain. Launched in April 2020, Blockchain-based Service Network (BSN) is the Chinese government-backed blockchain initiative, conceived to support blockchain SMEs to position and develop in the Crypto space. China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal. Cookie Statement The initiative will also be integral for the research into government usages for blockchain and governance. To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs. BSN is trying to support and interconnect multiple public and private blockchains in its international network. BSN’s global initiative may be more about marketing public blockchains. Even without Xi’s comments, China has still been the leading nation for blockchain adoption with 45% of all projects coming from China according to data from the Mutual Chain Pulse Research Institute. Free Headlines in your E-mail The system was built by UnionPay, the State Information Center (SIC), China Mobile, and three other organizations to support the digital economy and smart cities. CyberFi ($CFi): Automating decentralised finance? BSN’s latest move came one month after the network integrated six major public chains into the global version of its network. We’ve seen enterprise-focused Blockchain projects gain major partnerships in the past, such as Vechain’s partnership with logistics company DNV GL and auditing firms PwC. BSN is China’s first nationwide blockchain network that: Backed by Chinese government policy think tank the State Information Center (SIC), and jointly developed by major China’s state-run telecom China Mobile and the Chinese government-supported payment card network China UnionPay, and Red Date Technology Developers only need to choose which PCN to connect and upload smart contracts. © 2020 Sony Interactive Entertainment Inc. All Rights Reserved. China’s State-Sanctioned Blockchain Project BSN Adds Polkadot, Oasis, Bityuan to Network Chinese blockchain infrastructure provider Blockchain-Based Service Network (BSN) has … Following the speech of Xi Jinping on the importance of embracing blockchain technology, China went on a spree of development to establish a nation-wide blockchain network. Now, following a report published on January 3rd, we have more information about the future of the BSN network. Both the DCEP project and the BSN are all key structures in China’s technological plan, called the “China Standards 2035”. It enables developers to build applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch. What is China’s Blockchain Services Network (BSN)? The network relies on FISCO BCOS open-source protocol, a collaborative project developed by Beyondsoft, Digital China, Forms Syntron, Huawei, Shenzhen … I’ve been involved in the Bitcoin and Blockchain space since 2012. No part of this site can be reproduced without explicit permission of The Paypers(V2.7). The network is set up for commercial usage and looks to provide a platform for enterprises and individuals wishing to make a blockchain application. China’s hotly-anticipated nationwide effort to integrate blockchains – the Blockchain Service Network (BSN) – has split into two entities over a disagreement to integrate public blockchains. It aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. China has positioned herself as a leader in Blockchain development, with 45% of all blockchain projects coming from the nation’s industries and tech giants (such as Tencent’s Blockchain Accelerator). The network has already shown itself to be popular in its initial Beta period which began six months ago. The Blockchain Service Network (BSN) is a platform set up for individuals, businesses and local governments on which they can build blockchain applications. Based on Ethereum’s blockchain, BCOS uses various features like zero-knowledge proofs and allows individual permissioned chains to run concurrently. China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. As per the BSN statement, Tezos is one of the blockchains included by BSN in round one. The BSN is an organization that has been put together by 6 different organizations in China and it has lofty goals. Leading the research was the Chinese government think tank, the State Information Center (SIC) whose smart city development research group the focal team. Although it was not treated with as much fanfare, the BSN has a similar transformative effect to the DCEP and is no less important for the industry within and outside of China. October 2018 when President Xi Jinping voiced his admiration, digital currency electronic payment (DCEP). Notably, China’s BSN global gateway offers commercial blockchain services to people on a worldwide scale. The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. Their ambition is to create a global second-generation internet based on blockchain technology, whose access is Chinese-controlled. A global effort, BSN has integrated with six public chains including Ethereum, EOS, Nervos, Tezos, NEO and IRISnet. The initial testing plan was launched in October 2019 and ended recently prior to the April launch. China’s national blockchain network welcomes a decentralized sharing economy startup into its ranks ShareRing, a startup focused on creating blockchain-based products for enterprises, has announced that it has joined China’s Blockchain-based Service Network (BSN), the country’s biggest blockchain project to date. The system was built by UnionPay, the State Information Center (SIC), China Mobile, and three other organizations to support the digital economy and smart cities. To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs. The BSN Development Association, the governing body of BSN China, will launch the BSN Open Permissioned Blockchain Initiative within BSN’s network environment in China. The portal will be deployed on August 10 of this year and will allow users around the world to access the blockchain technology. Until March 2020, it will be in beta and all BSN content and … This site uses Akismet to reduce spam. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. The BSN is China’s national initiative to integrate adoption of blockchain technology across government, big business and emerging markets. China’s hotly-anticipated nationwide effort to integrate blockchains – the Blockchain Service Network (BSN) – has split into two entities over a disagreement to integrate public blockchains. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper. tp:news Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. China’s state-backed Blockchain Service Network (BSN) has added new members. tp:research This group includes Tencent’s digital currency wallet Webank and Cloud, Huawei, and Shenzhen Securities Communication. You have entered an incorrect email address! For more information click, Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs, Merchants need to be a mastermind in today's ecommerce world, Ecommerce in Asia – lessons learnt during the pandemic, Three keys to protect and scale ecommerce in 2021, Delegated authentication for PSD2-SCA... and beyond, Pay later, not never – Exclusive interview with Mastercard, Payments Orchestration – A strategic bet for digital goods commerce, Spilling the tea with compliance introduction - video interview with Payoneer, Innovation and regulation in the digital age - Interview with Jo Ann Barefoot, AIR, Managing fraud successfully when navigating the digital shift. The universal digital payment network (UDPN) is currently at its design phase, which will be completed in five years. What is BSN? BSN will now be split into two separate entities: BSN-China: a private consortium led by the State Information Center. China’s Blockchain-based Service Network (BSN) has put plans in place to integrate central bank digital currency (CBDC) before the end of the year. China, with its BSN, will … Notify me of follow-up comments by email. Around 2,000 developers joined up with the test period, creating blockchain applications for public welfare charity and electronic invoices. Enjin (ENJ) Explained: Blockchain Gaming Platform, Polkadot ($DOT): Everything you need to know about the DeFi darling of China. Launched on April 25th, the main target of the public network is to create a one-stop-shop for blockchain in China which supports smart city initiatives, other public networks and regions in the imminent digital economy which the People’s Republic is building. Blockchain-based service network represents the technological equivalent of the Belt and Road initiative with strong commitment form China Government: China Mobile and China Union Pay have invested roughly CNY 200 Mil in the project. Blockchain Service Network is a Chinese government-supported blockchain research and development company. According to the BSN introductory white paper, the project serves as an “information infrastructure” designed to advance the … Tencent has played an integral role in its development, with its digital bank, Webank, providing smart contract Digital Asset Modeling Language for FISCO BCOS. China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal. China’s Blockchain Service Network (BSN) wants to build a universal digital payment network. The Blockchain-based Service Network (BSN) can only be used for permissioned blockchains, either consortium or private, so when we mention a blockchain network in this article these are the types of networks that we are talking about. On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. Given that context, it needs to support payments. China’s state-backed Blockchain Service Network (BSN) has added new members. This chain will be China’s core chain with support from the Government. Members of the BSN team stated that not all network protocols will be allowed in the latest blockchain framework. We have built entire operating environments and shared nodes on BSN’s public city nodes (PCN) around the world. Alongside this, the BSN will also provide a foundational consortium chain alliance for use for smart cities and digital economies. According to local media reports, the beta testing for commercial usage went well. Trezor One review (2020)- Still worth buying? One of the main aims of China’s national blockchain infrastructure is to offer a low-cost way for SMEs to adopt blockchain. In terms of the cryptocurrency industry, exchange Huobi was a surprise inclusion in its development. Global developers can now start building projects on top of Tezos through China’s BSN. Ethereum, Chainlink, EOS, Tezos, NEO, Nervos and IRISnet will be part of the redesigned BSN International Portal.The portal will be deployed on August 10 of this year and will allow users around the world to access the blockchain technology. The speed that BSN is expanding is massive and the goal is to have 200 server nodes across China by the end of 2020. First announced in October 2019, China’s Blockchain Service Network, also known as BSN, is aimed at providing a global public infrastructure designed to support both private and public blockchain networks across interconnected cities. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. The addition of the … The Blockchain Service Network (BSN) was created to advance the blockchain ecosystem nationally in a careful, calculated manner. The blockchain body also wants to build more BSN portals worldwide with 10 portals expected to be allocated in 10 regions. The network aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. BSN Adds New Blockchain Projects According to a report by Coindesk, China’s BSN has onboarded several new projects, including distributed ledger technology (DLT) project Polkadot (DOT), cloud computing project Oasis, and Chinese public chain project Bityuan. 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