China Rolls Out National Blockchain Network to Enhance Virtual Economy

China Blockchain Network

China’s nationwide blockchain network is due to be launched in the upcoming months. The blockchain-based service network (BSN) will contribute to improving the infrastructure of the blockchain sector in the country to develop the layout for newer blockchain projects and accelerate the growth of smart cities and the virtual economy.

The BSN is being released six months after the testing process for the technology began. The new network will be backed by the State Information Center (SIC), a policy think tank of the Chinese government and other entities including China Mobile and China UnionPay.

China’s regional public network project will be a key player in expanding the influence of blockchain technology across the country and invite more local tech and crypto experts to develop their own crypto-based projects and aid in growing the digital economy of China.

The BSN also includes other features to attract more consumers such as controllable security, independent innovation and inclusivity. The deputy head of State Information Center, Zhang Xueying, claims that this will help the blockchain network to run effectively by reducing the technical and economic threshold for the practical usage of blockchain.

China to Commit to Blockchain?

The launch of the BSN also signifies that China is ready to commit to the development of blockchain technology in the country after a series of raids over crypto businesses last year, which resulted in many investors being discouraged over investing in the blockchain technology. This could also direct the country towards establishing an infrastructure for the emerging technology to improve the layout for more blockchain-based projects that can aid in the development of smart cities.

As the country increases the adaption of newer technologies, such as 5G, the Internet of Things, artificial intelligence and others, the room for innovation and newer projects is growing. The BSN has many features, such as providing consumers with high-quality and customized services to aid in the growth of virtual economy of the country. This will also pave way for helping in the growth of new industries and new business models, centered around and backed by the blockchain technology, as stated by Zhang.

The initial testing for the network has started as series of Beta tests are being conducted on the network. Before March 2020, the Beta tests conducted will be held with the relevant content and other applications and resources, and they will be held free of charge.

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