China plans to launch a Blockchain next week

China will launch its Blockchain Service Network (BSN) on April 25, 2020. This will allow anyone to launch and implement new blockchain applications at minimal cost. According to some sources, the platform will be called Blockchain Service Network (BSN) and is intended to reduce the costs and scalability requirements of decentralized applications.

The main Chinese state agency behind this project is the State Information Center. The agency's plan is to allow network participants to develop blockchains and decentralized applications at an unprecedented rate.

The national Blockchain system is managed by the Foremost Blockchain Association in China

Last year, the Chinese government created a new alliance of technology organizations. The white paper reads: “The process of implementation, operation and maintenance at high costs is the main current bottleneck for blockchain development […]therefore there is an urgent need to create a public infrastructure network within the sector. "

BSN will operate in a very similar way to the public sector telephone networks (PSTN) available in many countries. The association also noted: "This will encourage a large number of small, medium and micro-enterprises and individuals such as students to use BSN to invent and invest, thus accelerating the rapid development and widespread use of blockchain technology" , said the association. BSN is the "blockchain Internet".

Furthermore, the Chinese government recently created a national blockchain committee. This committee includes technology heavyweight executives such as Huawei, JD.com, Baidu, Tencent and even Ant Financial. The official name of the committee is "National Blockchain and Distributed Accounting Technology Standardization Technical Committee". His main goal right now is to create new standards for the upcoming BSN.

BSN already has several protocols running

Several authorized protocols have been added to the BSN. The sources say that the protocols are a combination of others both local and foreign. Hyperledger Fabric is already part of the protocols that run BSN, as well as the Xuperchain developed by Baidu.

The public blockchain of Bitcoin, however, is not. BSN itself is not easily accessible to everyone. Only those with specific permissions can connect to the BSN and distribute their applications. This raised concerns about the legitimacy of the BSN as a DLT.

Many believe that although it appears to have excellent technology, it may not work like a real DLT system due to a feared factor: control. Indeed, skeptics believe that the development of the BSN will give the Chinese government the right to monitor transactions.

The BSN white paper, however, ensures anonymous transactions for users. But many are not so sure and believe that the Chinese government will interfere with BSN operations. This has led a part of the DLT sector (especially in the West) to be wary of BSN and its partners, some of whom are already having problems with Western governments.

Only time will tell if the BSN will make a bang that the Chinese hope for. At the moment, it appears that they have managed to steal the spotlight and leap forward from the rest of the world.