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. BSN’s mission is to provide a public infrastructure network … According to the BSN introductory white paper, the project serves as an “information infrastructure” designed to advance the … The speed that BSN is expanding is massive and the goal is to have 200 server nodes across China by the end of 2020. 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. 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. 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 system was built by UnionPay, the State Information Center (SIC), China Mobile, and three other organizations to support the digital economy and smart cities. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper. 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. CyberFi ($CFi): Automating decentralised finance? The BSN is a one-stop shop for DApp developers to deploy and manage any permissioned or permissionless blockchain applications. Save my name, email, and website in this browser for the next time I comment. Currently, the network has 128 public nodes, of which the majority come from China but a small number are overseas stretching across six continents. 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. Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. tp:news We will do everything else for you! 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. China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. China’s state-backed Blockchain Service Network (BSN) has added new members. 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. Developers only need to choose which PCN to connect and upload smart contracts. Top tech companies that have blockchain projects include, Tencent, the company behind WeChat, Alibaba, through its Ant financial team and Baidu, the internet search engine provider. Although there is nothing concrete at the moment, it would appear that both the DCEP and BSN will be linked. Provincial governments across the nation have been implementing various blockchain projects. 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. 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. The city which the network was tested in was Hangzhou, in Eastern China after the local government signed an agreement with the research group. 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 Privacy Policy It aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. The objective of this site is simple – to provide independent insights into the blockchain space. China’s state-backed Blockchain Service Network (BSN) has added new members. Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. Every day we send out a free e-mail with the most important headlines of the last 24 hours. The network will use a custom-built blockchain and there have been a number of companies involved in the technology’s research and implementation. China’s Blockchain-based Service Network (BSN) – a permissioned blockchain network for building decentralized applications and tokens – … FISCO created the BCOS open-source network. What is China’s Blockchain Services Network (BSN)? Terms and Conditions, For optimum operation, this website makes use of cookies. 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. As the next industrial revolution will be based on new technologies, blockchain will play a fundamental role. This chain will be China’s core chain with support from the Government. More often than not, we find extremely biased information that exploit the complexity of blockchain to obscure facts. Other institutions which helped with its development include telecom company ChinaMobile and banking/payment network, China’s UnionPay. We welcome comments that add value to the discussion. The portal will be deployed on August 10 of this year and will allow users around the world to access the blockchain technology. Blockchain Service Network is a Chinese government-supported blockchain research and development company. The initiative will also be integral for the research into government usages for blockchain and governance. It is responsible for developing and rolling out the extensive blockchain platforms serving as a digital backbone for the country. The network will also promote research in other areas and look to foster a development ecology, according to BSN alliance President Liu Yunan. The Blockchain Service Network (BSN) is a platform set up for individuals, businesses and local governments on which they can build blockchain applications. The BSN is an organization that has been put together by 6 different organizations in China and it has lofty goals. What is China’s Blockchain Services Network (BSN)? 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. October 2018 when President Xi Jinping voiced his admiration, digital currency electronic payment (DCEP). Based on Ethereum’s blockchain, BCOS uses various features like zero-knowledge proofs and allows individual permissioned chains to run concurrently. BSN’s mission is to provide a public infrastructure network that can develop, deploy, operate & maintain, interoperate, and supervise blockchain applications at low cost. The aim with UDPN is to develop a payments API for any business or consumer application that needs to make a payment using the network. 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. 1017 JZ Amsterdam According to Weixin‘s QQ portal, China’s Blockchain Service Network (BSN) which is currently in beta, was set for a global launch on April 25. We have built entire operating environments and shared nodes on BSN’s public city nodes (PCN) around the world. Both the DCEP project and the BSN are all key structures in China’s technological plan, called the “China Standards 2035”. 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 network has already shown itself to be popular in its initial Beta period which began six months ago. The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. 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. Reports have suggested that 2,000 developers had signed up to the test period, creating blockchain applications for public welfare charity and electronic invoices. BSN Adds New Blockchain Projects. BSN’s latest move came one month after the network integrated six major public chains into the global version of its network. We note that it does […] The network will have two primary functions. Alongside this, the BSN will also provide a foundational consortium chain alliance for use for smart cities and digital economies. 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. China’s Blockchain Service Network (BSN) is a national initiative designed to boost the integration and adoption of Blockchain in big businesses. At the moment, the Chinese version of the network supports only enterprise blockchains (that offers SMEs services similar to cloud-hosting). BSN further reiterated China’s commitment to blockchain developments by revealing that it plans to create more public city nodes (PCN). 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. You have entered an incorrect email address! BSN will now be split into two separate entities: BSN-China: a private consortium led by the State Information Center.This chain will be China’s core chain with … To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs. China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its The creation of the BSN has been done by an array of familiar faces within the tech industry. According to local media reports, the beta testing for commercial usage went well. In terms of the cryptocurrency industry, exchange Huobi was a surprise inclusion in its development. Free Headlines in your E-mail 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 Blockchain Service Network (BSN) is a platform set up for individuals, businesses and local governments on which they can build blockchain applications. China’s Blockchain-based Service Network (BSN), the country’s nationwide blockchain project, has just launched an official international website, Cointelegraph reports.. Now, following a report published on January 3rd, we have more information about the future of the BSN network. China’s Blockchain Service Network (BSN) group has revealed its plan to integrate with six public blockchains. 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. 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. © 2020 Sony Interactive Entertainment Inc. All Rights Reserved. All rights reserved. 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 document, which is set for release later this year, will plot out how the technologies will shape the next decade. 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. A global effort, BSN has integrated with six public chains including Ethereum, EOS, Nervos, Tezos, NEO and IRISnet. On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. The universal digital payment network (UDPN) is currently at its design phase, which will be completed in five years. According to an official announcement on Sept. 24, Tezos has been selected as the “one of the first batch of … Prinsengracht 777e Enjin (ENJ) Explained: Blockchain Gaming Platform, Polkadot ($DOT): Everything you need to know about the DeFi darling of China. This site uses Akismet to reduce spam. If the BSN manages to fulfil its aim of having its network adopted at scale, it could have a significant role in setting the standards used by others, not just in China, the BSN blog post mentiones. China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal. Something I notice right away is that accurate factual information is hard to come by in this space. The system will also be used to track local level issues such as road safety, with users encouraged to report any issues they see in the community. The addition of the … China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal. These latest updates are more of a recap of what has happened, and a showcase of what’s to … The initial testing plan was launched in October 2019 and ended recently prior to the April launch. I’ve been involved in the Bitcoin and Blockchain space since 2012. tp:events, The Paypers 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. The Netherlands. What is BSN? Around 2,000 developers joined up with the test period, creating blockchain applications for public welfare charity and electronic invoices. Launched in China in April, BSN was designed to boost the integration and adoption of blockchain. tp:research Members of the BSN team stated that not all network protocols will be allowed in the latest blockchain framework. China’s Blockchain Service Network (BSN) global gateway, BSN International, has revealed incorporating the Tezos network for international developers. 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. Their ambition is to create a global second-generation internet based on blockchain technology, whose access is Chinese-controlled. BSN will now be split into two separate entities: BSN-China: a private consortium led by the State Information Center. © 2021 The Paypers BV. Given that context, it needs to support payments. 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 BSN is China’s national initiative to integrate adoption of blockchain technology across government, big business and emerging markets. 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. 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. The network relies on FISCO BCOS open-source protocol, a collaborative project developed by Beyondsoft, Digital China, Forms Syntron, Huawei, Shenzhen … 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. 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. 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 Blockchain Service Network (BSN) group has revealed its plan to integrate with six public blockchains. BSN-China … BSN’s global initiative may be more about marketing public blockchains. As well as the piloting in Huangzhou, there was also a trial for a credit rating system based on blockchain that would track small and medium-sized businesses who wished to gain finance from banks. Blockchain technologies are extremely powerful for enterprise applications as it allows for large scale data tracking with a guarantee on the authenticity of data. Blockchain has long been a technology admired within China, typified by their leader Xi Jinping’s direct promotion of it in October 2019. Ethereum, Chainlink, EOS, Tezos, NEO, Nervos and IRISnet will be part of the redesigned BSN International Portal. This group includes Tencent’s digital currency wallet Webank and Cloud, Huawei, and Shenzhen Securities Communication. 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. 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 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 … The network is set up for commercial usage and looks to provide a platform for enterprises and individuals wishing to make a blockchain application. However, the beta version will go live in the second half of 2021, and plans for its launch have gone far, … On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. Leading the research was the Chinese government think tank, the State Information Center (SIC) whose smart city development research group the focal team. Notably, China’s BSN global gateway offers commercial blockchain services to people on a worldwide scale. The network led by the State Information Center promises to offer BaaS (blockchain as a service) to everyone who wants to build a DLT-powered application, yet wants to avoid the hustle associated with building a blockchain from the root. One of the main aims of China’s national blockchain infrastructure is to offer a low-cost way for SMEs to adopt blockchain. On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. Cookie Statement 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. However, according to Ledger Insights, the plan does not mention China’s digital yuan or eCNY. 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. 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. Yesterday, China’s Blockchain Service Network (BSN) announced it would use the FISCO BCOS as the open-source protocol to build a national network for blockchain as a service. 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. China’s blockchain infrastructure provider BSN is adding Polkadot, Oasis and China-based project Bityuan to its network. Notify me of follow-up comments by email. The leading group in its creation is FISCO, or Financial Blockchain Shenzhen Consortium. The Blockchain Service Network (BSN) was created to advance the blockchain ecosystem nationally in a careful, calculated manner. ChainLink ($LINK) guide: A key link in the DeFi space. BSN is trying to support and interconnect multiple public and private blockchains in its international network. Until March 2020, it will be in beta and all BSN content and … 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. China, with its BSN, will … 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. It aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. BSN also intends to increase its PCN internationally to 50 covering developed regions and developing countries … The blockchain body also wants to build more BSN portals worldwide with 10 portals expected to be allocated in 10 regions. China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. According to reports, the network will focus on openness, public utility, scalability, open-source, multi-portal, low cost and autonomy. He Yifan, CEO of Red Date Technology, a local private company and a founding member of the BSN… No part of this site can be reproduced without explicit permission of The Paypers(V2.7). Appearing on August 10, the new english-language BSN website aims to help bring global developers to the project. As per the BSN statement, Tezos is one of the blockchains included by BSN in round one. 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. To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs. China’s State-Sanctioned Blockchain Project BSN Adds Polkadot, Oasis, Bityuan to Network Chinese blockchain infrastructure provider Blockchain-Based Service Network (BSN) has … 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. The document is a fifteen-year plan for China’s development and blockchain/digital currencies will be an integral part. Global developers can now start building projects on top of Tezos through China’s BSN. Trezor One review (2020)- Still worth buying? Evidence for this comes from reports of Webank writing smart contract digital asset modeling language. 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. The industry was given a huge boost in October 2018 when President Xi Jinping voiced his admiration for the technology behind cryptocurrencies. Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. Learn how your comment data is processed. China’s Blockchain Service Network (BSN) wants to build a universal digital payment network. Entertainment Inc. All Rights Reserved initial testing plan was launched in China and has... 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