Launched in April 2020, Blockchain-based Service Network (BSN) is the Chinese government-backed blockchain initiative, conceived to support blockchain SMEs to position and develop in the Crypto space. The network relies on FISCO BCOS open-source protocol, a collaborative project developed by Beyondsoft, Digital China, Forms Syntron, Huawei, Shenzhen Securities Communications, Tencent, WeBank, YIBI Technology, Yuexiu Financial Holdings and more. China Government has recently announced that BSN will be accessible by external users starting from August 10th, 2020.
How BSN work
Blockchain-based service network is an information infrastructure where all participants share the same public services provided by Chinese Government and currently integrates six public blockchains: Tezos, NEO, Nervos, EOS, IRISnet and Ethereum. Without the need of acquiring extra physical servers or cloud services, it aims at greatly reduce participants costs and encourage micro-size and SMEs to access BSN and accelerate the widespread of Block-chain technology. Indeed, developers will be allowed to create decentralized application using the facilities (bandwidth and data centers) provided by BSN’s offshore centers. The core project relies on public city nodes provided by specific data centers and cloud resources providers: once they have installed the public city node software, they can be linked in the BSN network. In the official Blockchain-based service network website, it is accessible live node status. From here, it becomes accessible to external participants, that can start deploying their block-chain solution form there, starting from pre-built chain code. Nodes are available in more than 120 cities in China and 8 international cities (amongst which: Paris, Sydney, Tokyo, and many more).
Main Advantages
- Cost-saving for access and application development: aiming at spreading blockchain technology usage and adoption, Blockchain-based service network is built in a such a smart way that allows SMEs, micro-sized companies and individuals to the blockchain industry with consistent costs-saving. Smart gateways and pre-built nodes do not require for technology investments nor particular blockchain skills. It is estimated that blockchain companies’ operating costs will be reduced as much as 80%;
- Accessibility and flexibility: Blockchain-based service network provides consensus order cluster services to all application, allowing users to share the same identification certificate and access to application. Leveraging on these factors implies that each BSN-node is not owned by a single entity, but data center becomes the owner of the related city node.
Why China is investing in the BSN project?
Blockchain-based service network represents the technological equivalent of the Belt and Road initiative with strong commitment form China Government: China Mobile and China Union Pay have invested roughly CNY 200 Mil in the project. As the next industrial revolution will be based on new technologies, blockchain will play a fundamental role. China, with its BSN, will provide the infrastructure for promising blockchain projects to develop further, while allowing them to work in a connected way within the same technological environment. The project will attract international companies operating in the blockchain space, while establishing China as the leading jurisdiction for blockchain technology.
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