• China is close to launching its state backed BSN platform which will allow software entities to easily build blockchain apps built on blockchain protocols.

China is speeding up its blockchain development efforts as the State Information Center-led Blockchain Service Network (BSN) is set to launch on 25 April 2020. Blockchain is predominantly associated with decentralized cryptocurrencies. This, however does not mean that all blockchain based implementations conforms with the decentralization based ethos of crypto. This means that companies and coders will now be able to easily plug onto the BSN and make accessible blockchain based solutions and applications. 

In the October announcement of BSN’s internal examination, the Chinese government envisaged many use cases for the technology including a smart city use case which involved internet-connected sensors to gather data and extract information for public resource management. In addition identity logging and data collection were also potential cases.

Edith Yeung, managing partner at blockchain-focused venture capital firm Proof of Capital said,

“China has the ambition to be the technology leader in the world. And I think they might have enough technology chops to pull this off, at least within the blockchain industry,”

This move along with the other efforts shows how China is propelling towards a position of immense strength in blockchain technology.

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