China Will Dominate Blockchain

Uploaded on 2020-01-20 in TECHNOLOGY--Developments, TECHNOLOGY-Key Areas-Blockchain, INTELLIGENCE-Hot Spots-China, FREE TO VIEW

Blockchain is entering a pivotal year in 2020, a period that will decide not just the future of crypto currency, but blockchain and the very idea of decentralisation. China’s national blockchain network has taken another step forward in the global technology race.

President Xi Jinping called on his country to “seize the opportunity” in order to become a leader in blockchain technology as it tries also to be an artificial intelligence (AI) leading developer.

China’s nationwide blockchain network, the Blockchain-based Service Network (BSN), will launch in April 2020, six months after it was tested. Backed by Chinese government policy think tank the State Information Center (SIC), the ambitious project aims to provide a trusted and scalable infrastructure for supporting new blockchain projects as well as the development of smart cities and the digital economy.

As blockchain reaches a scaling watershed, there’s one key differentiation that the world will come to acknowledge, one that enthusiasts are likely already very familiar with, the difference between Bitcoin, Ethereum and other decentralising technologies.

Bitcoin’s ascension to digital gold has been astounding, and has signaled the beginning of a whole new techno-economic era. But digital gold is just that, a beginning.

China is also viewing the Potential for Global Economic Recession

Economic uncertainty has been looming over the globe for years. It’s not so much a matter of if, but when the house of cards tumbles with major worldwide implications. Europe will likely be the first to hit recession. One look at the five biggest economies in the region and it’s clear. Germany’s Deutschebank is on life support. The United Kingdom has been eating itself with Brexit for years. France is in a state of constant protest. The Spanish and Italian economies are drowning. The European Union is by now only nominally a union, and growing divisions will leave many nations especially vulnerable.

Now Blockchain is China’s state policy for a step ahead

Tang Sisi, deputy head of the Smart City Development Research Center of the China’s State Information Center (SIC), announced the news at the China Urban Regulation Innovation Forum in early January, Chinese finance-focused publication Sina Finance reported on Jan. 7. According to the executive, the BSN will be officially launched for commercial operation in April after the network was first released for internal beta testing in October 2019. The BSN network is an interregional public infrastructure network that was jointly developed by the SIC, major China’s state-run telecom China Mobile and the Chinese government-supported payment card network China UnionPay, among others.

China to further strengthen blockchain adoption with the project

During the internal testing period between October 2019 and March 2020, the BSN network is reportedly set to involve a total of 400 enterprises and 600 developers, Sina says. First piloted in the city of Hangzhou, the capital of east China's Zhejiang province, the BSN specifically intends to reduce technical and economic costs associated with developing blockchain adoption.

As the Chinese government has been gradually improving its blockchain adoption and expertise, the establishment of a new national grade blockchain network is apparently an important milestone in its approach.

Token Post:       Coin Telegraph:     Money.com

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