The BSN (Blockchain-based Service Network), is set to launch on April 25. The initiative, managed by the Chinese government agency, The State Information Center, strives to assist companies in using blockchain applications cheaper and faster.
“High-cost deployment, operation, and maintenance structure is the main current bottleneck toward blockchain development […]; thus, there is an urgent need within the industry to create a public infrastructure network,” said the BSN Development Association in its latest whitepaper.
Recently, it costs about RMB 100,000 ($14,000) to develop a traditional three-peer consortium blockchain local area network-style environment, stated the association, appending that the BSN would pointedly decrease that cost to just approximately RMB 2,000 to 3,000 ($280-$425) a year to form a chain and become operational.
“This will encourage a vast number of small-, medium- and micro-sized enterprises, and individuals such as students, to use the BSN to invent and innovate, thereby accelerating the rapid development and widespread use of blockchain technology,” stated the association in a statement. The BSN can be observed as “the internet of blockchains,” it appended.
The BSN network was initially revealed in October 2019 by the association, whose establishing members include The State Information Center, as well as five companies from three important industries – financial, telecom, and tech.
These are China Mobile Communications Corporation Design Institute and China Mobile Communications Corporation Government and Enterprise Service Company (telecom), China UnionPay Corporation and China Mobile Financial Technology (financial), and Beijing Red Date Technology (tech/ software).
The association stated the BSN has already generated about 100 public city nodes in China with assistance from three telecom carriers – China Telecom, China Mobile, and China Unicom.
Looking forward, it intends to take that amount to approximately 200, as the association is presently in talks with cloud services providers, global carriers, and other companies in the blockchain industry.
China seems to have stimulated its blockchain and digital currency initiatives between the coronavirus pandemic. Just earlier this week, the country’s government declared 71 members of its national blockchain committee that would operate on setting industrial standards.