This weekend China has officially launched its major blockchain initiative called the Blockchain-based Services Network (BSN). The project will be the world’s largest scale blockchain network.
Blockchain Service network (BSN) is a part of China’s national blockchain strategy, announced last November, and will involve 128 local and 7 foreign cities.
As was said in the official virtual press conference this Saturday, BSN, also known as China Chain, will be the core infrastructure technology to connect the governmental institutions, businesses and individual users.
The massive project aims to become the Digital Silk Road that interconnects China’s global trade partners. Furthermore, China claims, that BSN expects to solve the current high-cost problem of blockchain application development and deployment by providing a public blockchain resource environment with the concept of the Internet.
Blockchain of blockchains
It is said, that China’s Blockchain-based Service Network is a cross-cloud, cross-portal, cross-framework global public infrastructure network used to deploy and operate all kinds of blockchain applications.
The project is created in collaboration with China’s biggest telecommunication companies and banks and allows the widespread connection of 128 local cities. Despite that, the network will also connect 7 places outside China: Paris, Sydney, San Paulo, Singapore, Tokyo, Johannesburg and yet unspecified city in California.
According to Zhiguang Shan, chairman of BSN development association, the network allows sharing data, value and digital assets in a more efficient way. It will be open to anyone including small and medium-sized business companies.
Mr. Shan highlighted that BSN is more like an “internet environment”, that aims to combine different blockchain platforms. The project already includes networks like Ethereum, EOS, Hyperledger, Baidu’s Xuperchain, ChainSQL and others.
According to the whitepaper, BSN will be the first global infrastructure, that can be rapidly deployed on a global scale.
BSN officials claim that the network includes strong cryptographic security and privacy measures to protect the interests of anyone who will be operating with the protocol.
According to the officials from BSN, not all smart contract protocols will be allowed on China’s BSN due to the potential of “back doors”. This means, that some protocols might be able to reach network only after they will be “refined” by local encryption.
Meanwhile, it is important to remember, that the project is backed by a consortium, including China Mobile, UnionPay and State Information Center. This means the blockchain is the state-owned solution and a kind of centralized blockchain network.