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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. 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. What is BSN? BSN will now be split into two separate entities: BSN-China: a private consortium led by the State Information Center. As well as the piloting in Huangzhou, there was also a trial for a credit rating system based on blockchain that would track small and medium-sized businesses who wished to gain finance from banks. Evidence for this comes from reports of Webank writing smart contract digital asset modeling language. Learn how your comment data is processed. The BSN is China’s national initiative to integrate adoption of blockchain technology across government, big business and emerging markets. China’s state-backed Blockchain Service Network (BSN) has added new members. China has positioned herself as a leader in Blockchain development, with 45% of all blockchain projects coming from the nation’s industries and tech giants (such as Tencent’s Blockchain Accelerator). China’s Blockchain-based Service Network (BSN), the country’s nationwide blockchain project, has just launched an official international website, Cointelegraph reports.. 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. The network will use a custom-built blockchain and there have been a number of companies involved in the technology’s research and implementation. Every day we send out a free e-mail with the most important headlines of the last 24 hours. Trezor One review (2020)- Still worth buying? ChainLink ($LINK) guide: A key link in the DeFi space. Following the speech of Xi Jinping on the importance of embracing blockchain technology, China went on a spree of development to establish a nation-wide blockchain network. No part of this site can be reproduced without explicit permission of The Paypers(V2.7). Blockchain Service Network is a Chinese government-supported blockchain research and development company. Ethereum, Chainlink, EOS, Tezos, NEO, Nervos and IRISnet will be part of the redesigned BSN International Portal.The portal will be deployed on August 10 of this year and will allow users around the world to access the blockchain technology. As per the BSN statement, Tezos is one of the blockchains included by BSN in round one. China’s Blockchain-based Service Network (BSN) has put plans in place to integrate central bank digital currency (CBDC) before the end of the year. You have entered an incorrect email address! China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. BSN’s mission is to provide a public infrastructure network that can develop, deploy, operate & maintain, interoperate, and supervise blockchain applications at low cost. These latest updates are more of a recap of what has happened, and a showcase of what’s to … According to local media reports, the beta testing for commercial usage went well. The creation of the BSN has been done by an array of familiar faces within the tech industry. Enjin (ENJ) Explained: Blockchain Gaming Platform, Polkadot ($DOT): Everything you need to know about the DeFi darling of China. 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. tp:events, The Paypers The Blockchain Service Network (BSN) is a platform set up for individuals, businesses and local governments on which they can build blockchain applications. 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. Global developers can now start building projects on top of Tezos through China’s BSN. BSN’s mission is to provide a public infrastructure network … Cookie Statement 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. China’s Blockchain Service Network (BSN) group has revealed its plan to integrate with six public blockchains. 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 … The BSN is a one-stop shop for DApp developers to deploy and manage any permissioned or permissionless blockchain applications. The city which the network was tested in was Hangzhou, in Eastern China after the local government signed an agreement with the research group. 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. The network has already shown itself to be popular in its initial Beta period which began six months ago. It is responsible for developing and rolling out the extensive blockchain platforms serving as a digital backbone for the country. © 2020 Sony Interactive Entertainment Inc. All Rights Reserved. Tencent has played an integral role in its development, with its digital bank, Webank, providing smart contract Digital Asset Modeling Language for FISCO BCOS. Based on Ethereum’s blockchain, BCOS uses various features like zero-knowledge proofs and allows individual permissioned chains to run concurrently. 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. As the next industrial revolution will be based on new technologies, blockchain will play a fundamental role. 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 have built entire operating environments and shared nodes on BSN’s public city nodes (PCN) around the world. A global effort, BSN has integrated with six public chains including Ethereum, EOS, Nervos, Tezos, NEO and IRISnet. Now, following a report published on January 3rd, we have more information about the future of the BSN network. At the moment, the Chinese version of the network supports only enterprise blockchains (that offers SMEs services similar to cloud-hosting). Appearing on August 10, the new english-language BSN website aims to help bring global developers to the project. 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’s State-Sanctioned Blockchain Project BSN Adds Polkadot, Oasis, Bityuan to Network Chinese blockchain infrastructure provider Blockchain-Based Service Network (BSN) has … BSN’s latest move came one month after the network integrated six major public chains into the global version of its network. The document is a fifteen-year plan for China’s development and blockchain/digital currencies will be an integral part. Notably, China’s BSN global gateway offers commercial blockchain services to people on a worldwide scale. Reports have suggested that 2,000 developers had signed up to the test period, creating blockchain applications for public welfare charity and electronic invoices. 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. 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 … 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 reports, the network will focus on openness, public utility, scalability, open-source, multi-portal, low cost and autonomy. China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal. 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. 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. Blockchain technologies are extremely powerful for enterprise applications as it allows for large scale data tracking with a guarantee on the authenticity of data. 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. 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. The speed that BSN is expanding is massive and the goal is to have 200 server nodes across China by the end of 2020. Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. We welcome comments that add value to the discussion. China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs. In terms of the cryptocurrency industry, exchange Huobi was a surprise inclusion in its development. However, the beta version will go live in the second half of 2021, and plans for its launch have gone far, … Something I notice right away is that accurate factual information is hard to come by in this space. 1017 JZ Amsterdam Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. Ethereum, Chainlink, EOS, Tezos, NEO, Nervos and IRISnet will be part of the redesigned BSN International Portal. 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. 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 initiative will also be integral for the research into government usages for blockchain and governance. The network relies on FISCO BCOS open-source protocol, a collaborative project developed by Beyondsoft, Digital China, Forms Syntron, Huawei, Shenzhen … Notify me of follow-up comments by email. 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. BSN further reiterated China’s commitment to blockchain developments by revealing that it plans to create more public city nodes (PCN). The document, which is set for release later this year, will plot out how the technologies will shape the next decade. China’s Blockchain-based Service Network (BSN) – a permissioned blockchain network for building decentralized applications and tokens – … 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. Provincial governments across the nation have been implementing various blockchain projects. October 2018 when President Xi Jinping voiced his admiration, digital currency electronic payment (DCEP). Members of the BSN team stated that not all network protocols will be allowed in the latest blockchain framework. 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. Save my name, email, and website in this browser for the next time I comment. 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. 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. 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 Top tech companies that have blockchain projects include, Tencent, the company behind WeChat, Alibaba, through its Ant financial team and Baidu, the internet search engine provider. We note that it does […] The speed that BSN is expanding is massive and the goal is to have 200 server nodes across China by the end of 2020. BSN’s global initiative may be more about marketing public blockchains. 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. 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 portal will be deployed on August 10 of this year and will allow users around the world to access the blockchain technology. One of the main aims of China’s national blockchain infrastructure is to offer a low-cost way for SMEs to adopt blockchain. 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. 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. Privacy Policy The initial testing plan was launched in October 2019 and ended recently prior to the April launch. What is China’s Blockchain Services Network (BSN)? We will do everything else for you! 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. China’s blockchain infrastructure provider BSN is adding Polkadot, Oasis and China-based project Bityuan to its network. The Blockchain Service Network (BSN) is a platform set up for individuals, businesses and local governments on which they can build blockchain applications. Leading the research was the Chinese government think tank, the State Information Center (SIC) whose smart city development research group the focal team. 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. Prinsengracht 777e Free Headlines in your E-mail I’ve been involved in the Bitcoin and Blockchain space since 2012. On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. Yesterday it was reported that China has officially released a nationwide blockchain service network (BSN) or blockchain hosting platform. The objective of this site is simple – to provide independent insights into the blockchain space. The universal digital payment network (UDPN) is currently at its design phase, which will be completed in five years. The blockchain body also wants to build more BSN portals worldwide with 10 portals expected to be allocated in 10 regions. Currently, the network has 128 public nodes, of which the majority come from China but a small number are overseas stretching across six continents. Terms and Conditions, For optimum operation, this website makes use of cookies. China, with its BSN, will … This group includes Tencent’s digital currency wallet Webank and Cloud, Huawei, and Shenzhen Securities Communication. The network is set up for commercial usage and looks to provide a platform for enterprises and individuals wishing to make a blockchain application. According to an official announcement on Sept. 24, Tezos has been selected as the “one of the first batch of … China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its However, according to Ledger Insights, the plan does not mention China’s digital yuan or eCNY. More often than not, we find extremely biased information that exploit the complexity of blockchain to obscure facts. BSN-China … FISCO created the BCOS open-source network. China’s government-backed blockchain project, the Blockchain Service Network, has announced the integration of the Tezos blockchain onto its international portal. BSN is trying to support and interconnect multiple public and private blockchains in its international network. Other institutions which helped with its development include telecom company ChinaMobile and banking/payment network, China’s UnionPay. China’s Blockchain Service Network (BSN) global gateway, BSN International, has revealed incorporating the Tezos network for international developers. Both the DCEP project and the BSN are all key structures in China’s technological plan, called the “China Standards 2035”. China’s state-backed Blockchain Service Network (BSN) has added new members. The network will have two primary functions. According to Chinadaily, the BSN was rolled out in conjunction with Hangzhou’s City Brain platform and focussed on e-governance improvement, disinfection for hotels and more individualised technological services. 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. This chain will be China’s core chain with support from the Government. Clearly though, both blockchain and a digital yuan are integral parts of China’s future, something which will be enshrined in writing within the China 2035 Standards document set for release later this year. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper. Around 2,000 developers joined up with the test period, creating blockchain applications for public welfare charity and electronic invoices. What is China’s Blockchain Services Network (BSN)? 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. 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. Developers only need to choose which PCN to connect and upload smart contracts. The system will also be used to track local level issues such as road safety, with users encouraged to report any issues they see in the community. 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. The Paypers is the Netherlands-based leading independent source of news and intelligence for professionals in the global payment community. 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. The network aims to build the universal digital payment network (UDPN) in five years, starting with a beta version in the second half of 2021. Given that context, it needs to support payments. Until March 2020, it will be in beta and all BSN content and … To learn more about this topic, CBDCs, download our ebook Central Bank Digital Currencies for Dummies – A Quick Guide into CBDCs. CyberFi ($CFi): Automating decentralised finance? 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. © 2021 The Paypers BV. tp:research Their ambition is to create a global second-generation internet based on blockchain technology, whose access is Chinese-controlled. Alongside the announcement of its digital currency electronic payment (DCEP) last month, China also launched its blockchain service network (BSN) signaling its continued shift towards a digital economy. BSN Adds New Blockchain Projects. According to the BSN introductory white paper, the project serves as an “information infrastructure” designed to advance the … If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. The BSN Development Association, the governing body of BSN China, will launch the BSN Open Permissioned Blockchain Initiative within BSN’s network environment in China. China’s Blockchain Service Network (BSN) wants to build a universal digital payment network. BSN also intends to increase its PCN internationally to 50 covering developed regions and developing countries … The Netherlands. All rights reserved. The leading group in its creation is FISCO, or Financial Blockchain Shenzhen Consortium. He Yifan, CEO of Red Date Technology, a local private company and a founding member of the BSN… On October 15, 2019, BSN was jointly initiated by the leaders of the State Information Center, China Mobile & China UnionPay. Blockchain has long been a technology admired within China, typified by their leader Xi Jinping’s direct promotion of it in October 2019. China’s Blockchain Service Network (BSN) is a national initiative designed to boost the integration and adoption of Blockchain in big businesses. The Blockchain Service Network (BSN) was created to advance the blockchain ecosystem nationally in a careful, calculated manner. China’s Blockchain Service Network (BSN) group has revealed its plan to integrate with six public blockchains. This site uses Akismet to reduce spam. Alongside this, the BSN will also provide a foundational consortium chain alliance for use for smart cities and digital economies. The network will also promote research in other areas and look to foster a development ecology, according to BSN alliance President Liu Yunan. Although there is nothing concrete at the moment, it would appear that both the DCEP and BSN will be linked. tp:news The industry was given a huge boost in October 2018 when President Xi Jinping voiced his admiration for the technology behind cryptocurrencies. 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