In April 2020, China will launch the “Network services based on blockchain technology” (Blockchain-based Service Network – BSN). It is a national project of enormous scale, which from the start will be deployed in 100 cities by the end of the current year will cover 200 to the main business centers of the country. The system will be closed to foreigners, the participation will require registration, and the Chinese regulator will be able to track everything that happens in it transactions.

In simplified form, the BSN can be thought of as operating platform, with basic facilities, for participation in which customers need to buy or develop their own simple programs tools. All the computing power and administrative tasks assumed by the state, which will reduce the costs for the use of blockchain technology for Chinese companies is 80 % or more. Are the following numbers: developing your own small blockchain system from scratch will cost the company $14,000 and six months of work, and adherence to BSN – $300 and a few minutes to register.

The fact that the business is willing to create a blockchain-system points to the need for such a project. For example, the largest online store provides customer service checking, is not sold through him, branded goods are fake. And for this track the entire chain of movement of goods, which has recently launched its blockchain-a platform open source. The Chinese authorities offer businesses to save money and at the same time to share information – to transactions inside the country are clear, “in the interests of all participants.”

The question is, whether a financial transaction. On the one hand, cryptocurrencies in China de facto banned, with other digital payments is extremely popular. It is not excluded that on the basis of the BSN will be created a mechanism of financial calculations, with complete state control of all transactions. Also, a BSN does not have to compete with existing government tools and services.
Source — IEEE