China’s national blockchain will change the world | coindesk

This week, China will officially launch a major new blockchain initiative called the Blockchain-based Services Network (BSN). The BSN is a critical part of China’s national blockchain strategy that was announced by President Xi in late November 2019, but went largely under the radar as the simultaneous announcement of China’s digital RMB currency, called the DCEP, swept the world by storm. Only recently has the Western media recognized the significance of the BSN, which sees its mainland commercial launch April 25. The portal’s global commercial launch is scheduled for June 25.

Essentially, the BSN will be the backbone infrastructure technology for massive interconnectivity throughout the mainland, from city governments, to companies and individuals alike. The network will also form the backbone to the Digital Silk Road to provide interconnectivity to all of China’s trade partners around the globe. The BSN will be a new internet protocol to allow a more efficient way to share data, value and digital assets in a completely transparent and trusted way between anyone who wants to be a node on the network.

The main BSN founding consortia partners are the State Information Center (China’s top-level government policy and strategy think tank affiliated with the National Development and Reform Commission), China Mobile (China’s largest national telecom with over 900 million subscribers), China Unionpay (the world’s top payment and settlement provider with eight billion issued credit cards), and Red Date Technologies (the main blockchain architect for the BSN).

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These Chinese blockchain platforms are launching soon, here is why | Forbes

“Just a few months since China’s president Xi Jinping announced blockchain as one of the country’s technological priorities and advocated to “seize the opportunity”, there has been a lot of progress on the main blockchain initiatives and most of them will be in production very soon.

The ultimate goal is to enable and establish the People’s Bank of China (PBoC) and large Chinese enterprises like Tencent, Huawei, Baidu and Ant Financial as the world leaders in new-breed payments infrastructure with unique features, to undermine the significance of the U.S. dollar as a global trade currency with the launch of Digital Currency Electronic Payment (DCEP) and to establish Chinese blockchain technical standards which will help adopt and scale the technology faster.”

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