According to Weixin‘s QQ portal, China’s Blockchain Service Network (BSN) which is currently in beta, was set for a global launch on April 25.
The network led by the State Information Center promises to offer BaaS (blockchain as a service) to everyone who wants to build a DLT-powered application, yet wants to avoid the hustle associated with building a blockchain from the root.
What To Expect From BSN
The concept is that local and hopefully international companies and blockchain developers could connect and build decentralized applications as easily as toying with lego blocks.
Of course, that is not just a playground for China, who is craving to become the global leader in distributed ledger systems, and a quick read of the BSN white paper leds to quotes such as: “As the BSN takes hold in worldwide countries, it will become the only global infrastructure network that is innovated by China, whose gateway access is controlled by China”, making the project a technopolitical issue to affect global economic standards.
As previously reported, BSN’s closed beta, which included participants of the likes of Tencent, UnionBank, and the People’s Bank of China, focused on a series of possible use-cases to demonstrated the capabilities of the network.
Some notable applications include smart-city and IoT use-cases. A variety of data storage, distribution as well as, asset digitalization, and monetization use-cases, which were among the most popular examples.
Can China Pull This?
If China wants to be a global leader in blockchain technology, who are we to deny it? I mean the country has by-far the most blockchain-related patent filings, President Xi Jinping publically talks about blockchain and its importance the People’s Republic Of China, and most importantly, they have the tech and the brains to pull it.
You can analogize how well of a victorious candidate China is by taking notes on the Chinese companies you know.
We’re not in 2000 when China was mostly known for its cheap reverse engineered consumer electronics that had a short lifespan, but rather in the real-life episode of Huawei, Xiaomi, AliBaba, Tencent, WeChat, DJI, and all these companies shapeshifting physical and digital reality as we know it.
AliBaba, and Tencent alone account for some 1100 patent fillings subjecting blockchain technology during the last 12 months.
BSN believes that after the network’s integrity is proven on a domestic level, it’s definitely going international considering that the network has already established some 56 nodes in locations like HongKong, Singapore, the US, Japan, Australia, Brazil, South Africa, and France.
Recent research conducted by China’s National Internet Finance Association (NIFA) suggests that blockchain technology is being appreciated exponentially in the country.
According to NIFA, 32.6% of all blockchain-related companies use the technology in question in the supply chain industry, while fintech, and insurtech make up an 11.2% of the pie. Cross-border payments and asset securitization account for 7.9% and 6.7% of the pie respectively. In other words, China’s blockchain strategy is currently focused on upscaling the financial infrastructure, which in China’s case is already the edge deal.
BSN sounds like a nice ‘blockchain not Bitcoin’ version of Libra which intends to become the new Bitcoin on its own terms, but I am worried about the long-awaited DC/EP (digital currency/electronic payments) CBDC that was supposed to be already out. Is BSN the blockchain where DC/EP will run in the future, or should we assume it’s a standalone thing on its own?
Hit me at @rosspeili