Categories: News

China’s BSN Shows Global Ambitions

China’s Blockchain-based Service Network (BSN) has integrated with six major decentralised blockchains.

They are: Tezos, NEO, Nervos, EOS, IRISnet, and Ethereum.

Accordingly, these six blockchains will be able build decentralized applications (dapp) and run nodes using BSN’s overseas data centers starting 10 August, Coindesk reported

The Chinese government backs BSN and already covers all major cities.

China Eyes Global Hegemony

This latest development is part of China’s plan to be the one and only infrastructure provider for blockchain firms around the world, Coindesk added.

The public chains could benefit from BSN’s cheap services, interoperability with other Chinese enterprise blockchains.

Also, they can make use of access to financial data from China UnionPay, Coindesk explained.

The national blockchain infrastructure project was launched in April.

The project seeks to strengthen the integration of blockchain in small business, and local government.

Notably, the State Information Center of China (SIC) leads the project.

Moreover, the state-owned tech conglomerates China Mobile and China UnionPay, and Red Date support the project.

Main Features

BSN said it will offer three “main services,” namely permissioned services, permissionless services and inter-chain services, according to Cryptonews.

Developers will enjoy free services if they have fewer than 2,000 daily connection requests to BSN’s node, Coindesk noted.

The network operators announced that it has already deployed “more than 120 public city nodes at locations around the world,” according to Cryptonews.

Besides, Cryptonews added that BSN has previously claimed that it has nodes active in some of the world’s largest metropolitan cities.

Among these cities Sydney, Paris, and Tokyo.

On their part, international users will have access to China’s enterprise chains and financial data.

Users will achieve this via the network’s structure and partnership with China UnionPay, Coindesk explained.

Moreover, BSN claims to reduce operating costs for blockchain applications by 80%.

Currently, the range is approximately $150 – $300 a year, Neonewstoday explained.

Marwa Sabry

A Journalist and translator with keen interest in exploring new innovative forms of economy.

Recent Posts

The Most Important Things to Look Out for In Your Potential Crypto Broker

At its inception, cryptocurrency was traded solely through unique and dedicated cryptocurrency exchanges, or via…

3 months ago

Why ChainLink is the Hottest DeFi Coin Right Now

ChainLink (LINK) is a decentralised system that verifies real world data within blockchain-based smart contracts.…

3 months ago

KuCoin Hacker Moves $4.5M of Stolen XRP

KuCoin logo [...]

3 months ago

China Holds Half of Global Blockchain Patents in 2020

China has applied for 4,435 blockchain patents so far, accounting for about half of the…

3 months ago

Bahrain Allows UK’s Fasset to Test Blockchain-Based Solutions

Central Bank of Bahrain [...]

3 months ago