China has taken another step in pioneering the Blockchain industry usage and adoption by announcing the launch date for the much anticipated Blockchain-based Service Network (BSN).
The BSN Network
BSN is an innovation that is aimed at improving the general layout of the blockchain sector operation and serving the development of smart cities and the digital economy.
BSN will feature the core merits of blockchain technology which include openness and inclusiveness, then it will serve as a template for all Blockchain startups and those switching over to Blockchain. This will also serve as a China trademark for all businesses using Blockchain technology in the country
During the rollout last year, The deputy head of SIC Zhang Xueying said:
“Featuring controllable security, independent innovation, openness and inclusiveness, the network will effectively reduce the technical and economic threshold for the application of blockchain”
He further explained:
“With the gradual adaptation of 5G, the Internet of Things, artificial intelligence and other technologies, the BSN will provide high-quality and customized services for the development of smart cities and the digital economy, and help nurture a batch of new industries or new business models based on blockchain technology. ”
BSN was jointly launched by the State Information Center (SIC), China Mobile, China UnionPay and other institutions and is fully authorised by the Gorvenment.
Why Blockchain technology?
China and many other Asian nations are pioneer in the blochchain technology and have been up and doing, implementing many mainstream use cases on the Blockchain.
With the current state of affairs in the world, it seems technology is the future and when we talk about technology, almost everything we do has been digitised except FIAT (currencies issued by the goverments) and local banking system which are partially digitised. These countries are working to not miss out of the possible future.
Just as the Web came and became a part of the society and fully accepted, Blockchain has the potential especially due to its attribute of being immutable. Even though the scalabilty is still a bottleneck to general adoption, solving this one problem or finding a way around it can make the technology become a must implement.
The main implementation of Blockchain currently, which is cryptocurrency, is also an indication. This is because almost all aspects of our life are being digitised and there is a high possibility people will opt for digitised currency and completely lose trust in the FIAT specially due to the immutability and transparency nature of all transactions on the Blockchain.
What to expect?
BSN will launch for commercial operation in April 2020. This would take place after deep testing which began in October 2019, the news was announced by Tang Sisi, deputy head of the Smart City Development Research Center of the China’s State Information Center (SIC) at the China Urban Regulation Innovation Forum.
This will further strengthen the mainstream adoption of Blockchain technology, it will invite attention from many other countries and they will look to implement the technology to avoid missing out. Recall that the last year has been the year of mainstream adoption kick-start, many companies, both Government owned and NGOs began the adoption and it soon became a wave of adoption which only blew through some selected countries, which include China, Japan and Korea, then we saw an adoption of cryptocurrency by some organisations for payment.
These wave will help clear the ignorance in people and government about the relationship between Cryptocurrency and Blockchain which has formed a bottleneck in Blockchain adoption for Governments. This is because many States consider Cryptocurrency a threat to the FIAT system (and the truth isn’t far from that); therefore, implementing Blockchain became an abomination unto them. But this is purely a result of ignorance, because Cryptocurrency is an implementation of Blockchain Technology and many other useful implementation can be implemented, some of the common ones so far have been in Banking, Loan and Financial Services Automation, in-fact, many of the current mainstream implementation has been on those topics.
After that notion has been cleared through effective implementation and success in those implementations, then the use of Cryptocurrency will crawl in as people demand the digitisation of the FIAT, it is only logical that if Blockchain powers the technology we use, then we let it power the money we spend using that technology just like PayPal and others have replaced the FIAT on the web.
The general usage of Blockchain and cryptocurrency in China will also be positively influenced and we just might see the first cryptocurrency regulation after that as many new projects using cryptocurrency may need to be approved.
Fingers crossed…
