China to deploy blockchain network in 100 cities

In April, chinese government and several major banks and tech companies will jointly launch a network allowing to create and host blockchain applications.

Baptized Blockchain-based Service Network (BSN), the network aims to reduce by 80% the costs of activities based on blockchain, reports Spectrum, a medium published by the Institute of Electrical and Electronic Engineers.

In addition to offering the possibility of creating low-cost applications (under $ 300), the BNS will also help companies to design and manage their own blockchain platforms, especially thanks to pre-designed frameworks.

Unlike public blockchains like Bitcoin, the BSN is an "authorized" blockchain on which participants decide who can, and who cannot access information.

However, we learn that the government would have the " root key " of the BSN, which would allow it to monitor all operations carried out on the network.

The BSN alliance is expected to launch its blockchain network next month with a total of 100 nodes distributed in a hundred cities and hopes, by the end of the year, to expand the network to 200 knots.

Chinese president this fall Xi Jinping called to accelerate the development of technology blockchain in China.