China has been a surprise leader in the adoption of blockchain technology to address its national needs. Since last year, the Red Dragon has been in the news a good few times for its involvement in the world of emerging technology, notably the extensive use of blockchain to strengthen its financial ecosystem.
Xi Jinping, China’s premier, had previously stated that after consulting in-house experts, China would maintain a growth pattern with blockchain technology. Developments also culminated in the formation of the Blockchain Service Network, which was launched in China on 15 April, with a global launch scheduled for 25 April.
The initiative for the platform was taken by the State Information Center of China, with a vision to create a seamless ecosystem for developers and consumers. Sources close to its developments claimed that the BSN would enable users to build dApps in the simplest ways possible. BSN’s official release occurred on October 15, 2019, after which it went through a 6-0mopnth testing period.
BSN is also set to provide online training and customer service mechanisms for users. This training will be split into three parts: online live training courses, customer service consultation exchange meetings and online on-demand training courses. Users will be able to watch videos uploaded on the BSN Knowledge Base.
Reports from the BSN have said that regular online customer service consultation meetings for developers will be held. These meetings will be hosted by professional customer service members of the BSN Development Alliance. The plan has been so well thought out that the classes for users have a specific timing: every Wednesday from 19:00 to 21:00.
A whitepaper published by the BSN Alliance states:
“As the BSN takes hold in worldwide countries, it will become the only global infrastructure network that is innovated by China, whose gateway access is controlled by China.”
The BSN Alliance was supported by the government, blockchain firms as well as several state-owned entities. Some experts have called the entire plan similar to China’s One Belt One Road Initiative, a move where the country provides resources to other regions. China’s determination to establish its native blockchain system was made evident earlier when its national bank filed for more than 80 patents related to blockchain technology.
China‘s blockchain patent numbers are the highest in the world and that was created by building on infrastructures such as banks, telecom and internet giants. One of the founding members of the BSN is the Huobi Group. Huobi has already deployed multiple nodes in countries such as the US, Brazil and France.