China's Blockchain-based service network will be officially available in April

The Chinese government of Guangzhou revealed a $ 140 million Blockchain grant fund

An alliance of Chinese government groups, banks and technology companies will launch Blockchain-based service network (BSN) in April. The innovative platform will be one of the first to be backed by a central government. BSN will allow participants to operate on the network, without designing a new network from scratch.

Blockchain-based service network will launch in April

Announced in mid-October 2019 - just a week after President Xi Jinping announced that China should invest more in blockchain technology, BSN will officially hit shelves in April. The platform will allow development of smart apps, cities and even the digital economy on its platform.

According to BSN's white paper, building, operating and maintaining a blockchain network for a year can cost at least $ 14,000 for a company. However, deploying an application on the BSN platform can reduce the fee to 300 USD.

The platform maintained by the Chinese government will be significantly different from conventional blockchain projects. While Bitcoin and other anti-censorship networks allow people to review the entire transaction record, BSN will have a membership closed. Called the "licensed" setting, it helps operators share transaction data with anyone they choose.

The BSN Alliance includes big names, including China National Information Center, China UnionPay, China Mobile, payroll service company Red Date, and several other members.

Interestingly, it seems that the outbreak of Covid-19 did not disrupt the April launch of BSN. Meanwhile, China's central bank (CBDC) digital currency project has been forced to postpone, but some recent reports suggest it may launch earlier than expected.

Critics of BSN

According to Hong Wan, a blockchain expert at North Carolina State University, this project has a fair share of skeptics.

While the BSN Alliance has previously stated that individual developers and enterprise-scale technical teams are building and testing the beta platform, Wan believes it may not be able to cope with the public workload. job. She also emphasized that BSN has not published full information about the platform's specifications, which is somewhat worrying.

In addition, some members of the community have expressed reservations about the Chinese government controlling the entire network. They warn that it could jeopardize the entire purpose behind a blockchain-based platform.

Despite these uncertainties, the Alliance hopes that BSN will eventually become the global standard for blockchain solutions.

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According to CryptoPotato
Translated by ToiYeuBitcoin


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