While China has gotten a lot of attention in the last few months for its upcoming national cryptocurrency which sees them reverse, to an extent, the previous anti-crypto stance and possibly change the global financial landscape. It is also noteworthy that they are in the process of expanding on their blockchain use. This comes after the president has publicly advocated for more blockchain innovation and more laws are being put in place such as the recent law for cryptographic passwords. Needless to say, it seems blockchain is here to stay within China.
According to recent reports, China will be rolling out its national blockchain service called Blockchain-based Service Network (BSN) in April 2020 following six months of testing.
This new blockchain is being developed with support from State Information Center (SIC) which is the state-backed think tank within China. This new blockchain will help support scalability infrastructure for various blockchain products as well as helping to create smart cities across China.
The announcement of this was made by Tang Sisi, deputy head of the Smart City Development Research Center of the China’s State Information Center (SIC) at the recent China innovation regulation forum and according to the executive, the blockchain will be live for public use by April 2020. During the six month testing for the national blockchain, 400 enterprises and 600 developers were involved and one of the main purposes of this testing was to reduce the cost of blockchain adoption across China. This shows that the government is taking the matter rather serious and is hoping to lay the foundation for not only a blockchain-forward China but also with the release of the upcoming national token.
The pilot was first debuted in Hangzhou, the capital of east China’s Zhejiang province, but will now be available all across China. This is rather important as China is a dominant leader in the global business scene and their aggressive embracing of blockchain could likely create a ripple effect which means that more countries will aggressively adopt a blockchain as well.