China Announces Blockchain Service with Commercial Applications

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  • China announces the Blockchain Service Network developed by a collaboration of Huobi China, China Union Pay and China Mobile

China, in an attempt to take an early lead in blockchain-based services, has announced the rollout of its first blockchain platform to cater for global commercial use called Blockchain Service Network (BSN). The public launch follows the beta version that was unveiled earlier on 15 October 2019. The event itself was attended by various senior Chinese government officials as well as company executives from across the spectrum. This shows the considerable backing of the initiative within the Chinese government high-ups.

According to the report by the Chinese sources, over 2,000 developers from around the world were involved in the testing of the beta version and their feedback was incorporated into the final development of the public version. Various applications from public welfare, item traceability, and electronic invoice-keeping were deployed on the beta version before the official launch itself.

To keep the platform true to its blockchain roots, Shan Zhiguang, the Chairman of the Blockchain Service Network Development alliance said that there are currently over 128 nodes in the network, 76 of which are in China and 8 are overseas with 44 in the initial development phase. By the end of 2020, more than 200 nodes are expected to become part of the network.

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