Now, following a report published on January 3rd, we have more information about the future of the BSN network. This chain will be China’s core chain with support from the Government. However, the beta version will go live in the second half of 2021, and plans for its launch have gone far, … According to reports, the network will focus on openness, public utility, scalability, open-source, multi-portal, low cost and autonomy. The BSN is an organization that has been put together by 6 different organizations in China and it has lofty goals. The system was built by UnionPay, the State Information Center (SIC), China Mobile, and three other organizations to support the digital economy and smart cities. On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. The speed that BSN is expanding is massive and the goal is to have 200 server nodes across China by the end of 2020. It aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. BSN’s mission is to provide a public infrastructure network … A global effort, BSN has integrated with six public chains including Ethereum, EOS, Nervos, Tezos, NEO and IRISnet. BSN is China’s first nationwide blockchain network that: Backed by Chinese government policy think tank the State Information Center (SIC), and jointly developed by major China’s state-run telecom China Mobile and the Chinese government-supported payment card network China UnionPay, and Red Date Technology BSN-China … Although there is nothing concrete at the moment, it would appear that both the DCEP and BSN will be linked. China’s national blockchain network welcomes a decentralized sharing economy startup into its ranks ShareRing, a startup focused on creating blockchain-based products for enterprises, has announced that it has joined China’s Blockchain-based Service Network (BSN), the country’s biggest blockchain project to date. BSN is trying to support and interconnect multiple public and private blockchains in its international network. ChainLink ($LINK) guide: A key link in the DeFi space. Following the speech of Xi Jinping on the importance of embracing blockchain technology, China went on a spree of development to establish a nation-wide blockchain network. Blockchain Service Network is a Chinese government-supported blockchain research and development company. It is responsible for developing and rolling out the extensive blockchain platforms serving as a digital backbone for the country. The network relies on FISCO BCOS open-source protocol, a collaborative project developed by Beyondsoft, Digital China, Forms Syntron, Huawei, Shenzhen … Save my name, email, and website in this browser for the next time I comment. As per the BSN statement, Tezos is one of the blockchains included by BSN in round one. This group includes Tencent’s digital currency wallet Webank and Cloud, Huawei, and Shenzhen Securities Communication. Prinsengracht 777e Terms and Conditions, For optimum operation, this website makes use of cookies. Ethereum, Chainlink, EOS, Tezos, NEO, Nervos and IRISnet will be part of the redesigned BSN International Portal.The portal will be deployed on August 10 of this year and will allow users around the world to access the blockchain technology. Today China’s Blockchain-based Service Network (BSN) outlined an audacious plan for a global network that will support future central bank digital currencies (CBDC) from multiple countries. More recently though, the shift has been more national with Blockbeats reports from May 12th claiming that the Ministry of Human Resources and Social Security of China is looking for 10 new roles with regards to blockchain, these include Blockchain Engineering Technicians and a Blockchain Application Operator. October 2018 when President Xi Jinping voiced his admiration, digital currency electronic payment (DCEP). The speed that BSN is expanding is massive and the goal is to have 200 server nodes across China by the end of 2020. China’s Blockchain Service Network (BSN) group has revealed its plan to integrate with six public blockchains. Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. Around 2,000 developers joined up with the test period, creating blockchain applications for public welfare charity and electronic invoices. FISCO created the BCOS open-source network. The first is commercial and this will allow businesses/blockchain startups to use the network to develop applications, offering a public alternative to the private blockchain networks which already exist. Yesterday, China’s Blockchain Service Network (BSN) announced it would use the FISCO BCOS as the open-source protocol to build a national network for blockchain as a service. China’s State-Sanctioned Blockchain Project BSN Adds Polkadot, Oasis, Bityuan to Network Chinese blockchain infrastructure provider Blockchain-Based Service Network (BSN) has … Developers only need to choose which PCN to connect and upload smart contracts. BSN will now be split into two separate entities: BSN-China: a private consortium led by the State Information Center. According to the BSN introductory white paper, the project serves as an “information infrastructure” designed to advance the … The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. China’s state-backed Blockchain Service Network (BSN) has added new members. Appearing on August 10, the new english-language BSN website aims to help bring global developers to the project. China’s hotly-anticipated nationwide effort to integrate blockchains – the Blockchain Service Network (BSN) – has split into two entities over a disagreement to integrate public blockchains. According to an official announcement on Sept. 24, Tezos has been selected as the “one of the first batch of … The aim with UDPN is to develop a payments API for any business or consumer application that needs to make a payment using the network. Cookie Statement © 2020 Sony Interactive Entertainment Inc. All Rights Reserved. China’s Blockchain-based Service Network (BSN) – a permissioned blockchain network for building decentralized applications and tokens – … The industry was given a huge boost in October 2018 when President Xi Jinping voiced his admiration for the technology behind cryptocurrencies. Leading the research was the Chinese government think tank, the State Information Center (SIC) whose smart city development research group the focal team. First announced in October 2019, China’s Blockchain Service Network, also known as BSN, is aimed at providing a global public infrastructure designed to support both private and public blockchain networks across interconnected cities. No part of this site can be reproduced without explicit permission of The Paypers(V2.7). tp:news Other institutions which helped with its development include telecom company ChinaMobile and banking/payment network, China’s UnionPay. The objective of this site is simple – to provide independent insights into the blockchain space. Enjin (ENJ) Explained: Blockchain Gaming Platform, Polkadot ($DOT): Everything you need to know about the DeFi darling of China. Even without Xi’s comments, China has still been the leading nation for blockchain adoption with 45% of all projects coming from China according to data from the Mutual Chain Pulse Research Institute. We note that it does […] China’s state-backed Blockchain Service Network (BSN) has added new members. Learn how your comment data is processed. It enables developers to build applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch. Free Headlines in your E-mail It enables developers to build applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch. China’s hotly-anticipated nationwide effort to integrate blockchains – the Blockchain Service Network (BSN) – has split into two entities over a disagreement to integrate public blockchains. China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. The city which the network was tested in was Hangzhou, in Eastern China after the local government signed an agreement with the research group. The BSN was launched by China’s State Information Center (SIC), China Mobile, UnionPay, Smart Government, and Red Date Technology, which is coordinating the international rollout. The system was built by UnionPay, the State Information Center (SIC), China Mobile, and three other organizations to support the digital economy and smart cities. The document, which is set for release later this year, will plot out how the technologies will shape the next decade. Until March 2020, it will be in beta and all BSN content and … Trezor One review (2020)- Still worth buying? In terms of the cryptocurrency industry, exchange Huobi was a surprise inclusion in its development. To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs. The initiative will also be integral for the research into government usages for blockchain and governance. He Yifan, CEO of Red Date Technology, a local private company and a founding member of the BSN… China’s Blockchain Service Network (BSN) global gateway, BSN International, has revealed incorporating the Tezos network for international developers. Blockchain technologies are extremely powerful for enterprise applications as it allows for large scale data tracking with a guarantee on the authenticity of data. These latest updates are more of a recap of what has happened, and a showcase of what’s to … The network will use a custom-built blockchain and there have been a number of companies involved in the technology’s research and implementation. Evidence for this comes from reports of Webank writing smart contract digital asset modeling language. The BSN is a one-stop shop for DApp developers to deploy and manage any permissioned or permissionless blockchain applications. tp:events, The Paypers BSN also intends to increase its PCN internationally to 50 covering developed regions and developing countries … The initial testing plan was launched in October 2019 and ended recently prior to the April launch. For more information click, Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs, Merchants need to be a mastermind in today's ecommerce world, Ecommerce in Asia – lessons learnt during the pandemic, Three keys to protect and scale ecommerce in 2021, Delegated authentication for PSD2-SCA... and beyond, Pay later, not never – Exclusive interview with Mastercard, Payments Orchestration – A strategic bet for digital goods commerce, Spilling the tea with compliance introduction - video interview with Payoneer, Innovation and regulation in the digital age - Interview with Jo Ann Barefoot, AIR, Managing fraud successfully when navigating the digital shift. It aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. According to local media reports, the beta testing for commercial usage went well. Launched in China in April, BSN was designed to boost the integration and adoption of blockchain. You have entered an incorrect email address! One of the main aims of China’s national blockchain infrastructure is to offer a low-cost way for SMEs to adopt blockchain. We’ve seen enterprise-focused Blockchain projects gain major partnerships in the past, such as Vechain’s partnership with logistics company DNV GL and auditing firms PwC. If the BSN manages to fulfil its aim of having its network adopted at scale, it could have a significant role in setting the standards used by others, not just in China, the BSN blog post mentiones. China, with its BSN, will … The Blockchain Service Network (BSN) is a platform set up for individuals, businesses and local governments on which they can build blockchain applications. The leading group in its creation is FISCO, or Financial Blockchain Shenzhen Consortium. The Blockchain-based Service Network (BSN) can only be used for permissioned blockchains, either consortium or private, so when we mention a blockchain network in this article these are the types of networks that we are talking about. More often than not, we find extremely biased information that exploit the complexity of blockchain to obscure facts. China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. The addition of the … The creation of the BSN has been done by an array of familiar faces within the tech industry. China’s Blockchain-based Service Network (BSN), the country’s nationwide blockchain project, has just launched an official international website, Cointelegraph reports.. China’s Blockchain-based Service Network (BSN) has put plans in place to integrate central bank digital currency (CBDC) before the end of the year. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper. The universal digital payment network (UDPN) is currently at its design phase, which will be completed in five years. To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs. Provincial governments across the nation have been implementing various blockchain projects. China’s Blockchain-based Service Network (BSN) has put plans in place to integrate central bank digital currency (CBDC) before the end of the year. It’s also important to point out that there are two versions of the BSN: one is called “BSN China” and the other is “BSN International.” According to He, BSN is still one network, but the governance is divided between BSN China and BSN International. 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. What is China’s Blockchain Services Network (BSN)? BSN Adds New Blockchain Projects According to a report by Coindesk, China’s BSN has onboarded several new projects, including distributed ledger technology (DLT) project Polkadot (DOT), cloud computing project Oasis, and Chinese public chain project Bityuan. China’s Blockchain Service Network (BSN) wants to build a universal digital payment network. The network is set up for commercial usage and looks to provide a platform for enterprises and individuals wishing to make a blockchain application. The system was built by UnionPay, the State Information Center (SIC), China Mobile, and three other organizations to support the digital economy and smart cities. China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal. BSN will now be split into two separate entities: BSN-China: a private consortium led by the State Information Center.This chain will be China’s core chain with … The document is a fifteen-year plan for China’s development and blockchain/digital currencies will be an integral part. Launched on April 25th, the main target of the public network is to create a one-stop-shop for blockchain in China which supports smart city initiatives, other public networks and regions in the imminent digital economy which the People’s Republic is building. However, according to Ledger Insights, the plan does not mention China’s digital yuan or eCNY. BSN’s global initiative may be more about marketing public blockchains. China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its First announced in October 2019, China’s Blockchain Service Network, also known as BSN, is aimed at providing a global public infrastructure designed to support both private and public blockchain networks across interconnected cities. The BSN is China’s national initiative to integrate adoption of blockchain technology across government, big business and emerging markets. We will do everything else for you! Ethereum, Chainlink, EOS, Tezos, NEO, Nervos and IRISnet will be part of the redesigned BSN International Portal. 1017 JZ Amsterdam Currently, the network has 128 public nodes, of which the majority come from China but a small number are overseas stretching across six continents. Members of the BSN team stated that not all network protocols will be allowed in the latest blockchain framework. What is BSN? © 2021 The Paypers BV. Although it was not treated with as much fanfare, the BSN has a similar transformative effect to the DCEP and is no less important for the industry within and outside of China. The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about latest developments in the industry. Alongside this, the BSN will also provide a foundational consortium chain alliance for use for smart cities and digital economies. The Blockchain Service Network (BSN) is a platform set up for individuals, businesses and local governments on which they can build blockchain applications. China’s Blockchain Service Network (BSN) group has revealed its plan to integrate with six public blockchains. I’ve been involved in the Bitcoin and Blockchain space since 2012. Blockchain has long been a technology admired within China, typified by their leader Xi Jinping’s direct promotion of it in October 2019. 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