In spite of US’s efforts to push back China in context of allowing it to emerge as the global technology leader, China has been leading the technology race from quite some time. The recent announcement of launching a blockchain service network (BSN) has not suurprised us at all, as it has already been working towards the same in the last four years.
5G is another technology, China is exploring to expand, across the globe. Beijing has, a few days before, announced the launch of BSN in the next month. The said software infrastructure will be a distributed database that is going to revolutionalize the way the business and trade is currently being conducted, worldwide.
Fintech Has Been Dominated by China in the Past Decade
For fintech segment, facilitating international digital payments is the most crucial. China, in this regard, has been the world leader, in terms of the total transaction value, i.e. USD 1,920,536 million in 2020.
China’s Growth in Digital Payments over the years (2017-2024)
In fact, with the increasing number of job roles in the said domain, blockchain certifications are quickly getting popular across the globe, especially in the U.S. and China.
August 10 Will be the Date of Launch for BSN
China is all set to launch the international edition of its Blockchain Services Network (BSN), which is an opensource blockchain development infrastructure that will blockchain developers from all around the world to develop new business-specific apps. The said network will offer developers, the vital tools needed to build high-end & advanced blockchain applications. The acccess to such tools will be provided through the BSN’s international data centers.
As per a white paper published last year by the BSN Alliance – After the BSN starts succeeding at expanding the network across the world, it will try to establish itself as the global infrastructure framework, whose gateway access will be controlled by China.
What’s Blockchain Technology?
It’s a distributed and decentralized database of digital records that allows for tamper-proof storage of electronic transactions. Blockchain Industry, first found its foot, after successfully facilitating the digital transaction of cryptcurrencies (bitcoin). But, in the present era, the said technology is being leveraged across multiple industries, and across diverse businesses. Blockchain has increasingly been utilised in the recent past for digital identification.
A few industries that are currently taking leverage of blockchain technology, comprise – government, real estate, medical, travel, music, among many others.
What Are the Experts Saying on the Prospective Launch of BSN
In the words of Bill Foster, the U.S representative and a congressman, who also happens to hold a doctorate in Physics, and is a prominent leader of an association of US lawmakers studying blockchain – “The disruptive technology will revoltuionize the way we conduct business across varied markets and business domains”.
BSN – A National Priority for China
Similar to the country’s aggressive worldwide expansion in the field of new disruptive technologies such as AI & 5G, China had announced blockchain, a national tech priority in the year 2016. It was stated twice in the thirteenth five-year plan of China, under the Chinese State Council’s economic strategy, released in 2016.
China has registered for more than 700 blockchain projects since 2019 with the Cyberspace Administration, the country’s central internet regulator. As per a whitepaper released on the last Friday by the country’s blockchain patent-registration body, China is currently the country with the highest number of blockchain patents in the world.
According to the chairman of China’s tech giant, Alibaba’s Ant Financial Services, Eric Jing – “the consumers of its blockchain services are uploading a whopping, 100 million electronic assets a day, of which, a majority are the record of digital transactions.”