China will launch a national blockchain platform before the end of the month
Date of publication: 17 April 2020
China's National Blockchain Platform (BSN) will tentatively be launched on April 25, writes The Block.
The initiative is led by the State Information Center, and its purpose is to accelerate and reduce the cost of launching blockchain applications in the real sector.
“The high cost of launching, managing and maintaining is currently the main obstacle to the development of the blockchain. There is an urgent need to create a public infrastructure network, ”the project description says.
According to the BSN Development Association, currently creating conditions for the local use of the blockchain costs $ 14,000, while with BSN, the cost of launching a fully functional network will be $ 280 - 425 per year. It is expected that this will make the technology available to small enterprises and individuals interested in its development.
In addition to the State Information Center, five companies representing the telecommunications, financial and technological industries, including UnionPay, the national payment system of China, are developing the project.
The organizers claim that they have already created almost 100 public city nodes with the support of China Mobile, China Telecom and China Unicom. In the future, their number will be increased to 200, for which world mobile operators, cloud service providers and other companies in the blockchain industry will be involved.
Pi Capital Union