China’s Blockchain-based Service Network (BSN) will be launching in April 2020, as per schedule. BSN will make it easier for users to deploy their applications without having to build their own distributed ledgers from the get-go.
Despite the outbreak of coronavirus, China has clarified that it will be launching its national blockchain network in April 2020, as scheduled earlier.
The Blockchain-based Service Network (BSN) is a distributed ledger technology (DLT) platform developed by the Chinese government in conjunction with tech companies and financial institutions.
The blockchain network will make it easier for users to deploy their applications without having to build their own distributed ledgers from the get-go. This will help blockchain-based firms in the country reduce their cost of operations.
Unlike blockchain networks such as Bitcoin and Ethereum, which are public networks, BSN will adopt a permissioned system controlled by the government of China.
Despite the privacy lapse, the founding members of the BSN, which include the Chinese National Information Center, China UnionPay, Red Date and China Mobile, have said that the network users will greatly benefit in terms of cost reduction.
According to the BSN whitepaper, most firms spend around $14,000 to develop, operate and maintain their blockchain networks for just one year. Thanks to the new network, businesses will be able to deploy their blockchain-based apps for just $300.
BSN users will only be able to share data with their trusted partners. However, the government will possess the root key of the platform, allowing them to monitor all transactions on the network. The BSN Development Alliance says that the network will have at least 100 functional nodes with thousands of users each by next month.