China Plans to Launch its National Blockchain Platform Next Week
Main page News, China, Blockchain

China's Blockchain-based Service Network (BSN), the Asian giant's national blockchain platform, will be launched next week.

The platform, which is led by the government agency State Information Center and is scheduled to be launched on April 25, aims to help companies launch blockchain apps faster and at lower cost.

According to the project's whitepaper:

"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."

At the moment, the cost of launching a local blockchain structure amounts to 100,000 yuans (around $14,000). However, this cost would be reduced to 2,000-3,000 yuans (about $280-425) with the launch of this new blockchain.

Thus, it is expected that this significant decrease in the launch of tools in the blockchain ecosystem "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."

The BSN platform was unveiled in October 2019 and its founding members include the State Information Center, as well as five companies from three key industries - telecommunications, finance and technology.

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