China launches blockchain project to successfully run the operation of provincial backbone networks in the future
As per local reports this week, the Zhejiang district in China has recently launched Blockchain Service Network, (BSN) which will be the country’s biggest blockchain project. Currently, there are 135 public nodes active in the province.
First provincial blockchain “backbone”
In an event attended by Chinese diplomats and important media organizations on Monday, the first provincial blockchain “backbone” was launched.
The Yuhang District which is the Future Science and Technology City, a tech-forward district in Hangzhou, China will elaborate on the details related to blockchain-based projects to the public. There are a number of applications including providing “convenient” and low-cost one-stop “blockchain environment services” to users.
The backbone also labeled as “blockchain internet,” is part of the Blockchain Service Network. BSC is a major Chinese project that aims to connect the internet-enabled blockchain services to individual users.
According to Crypto Slate, China’s BSN will be collaborating with public blockchains such as Ethereum.
1/ I’ve been informed by multiple sources that China's BSN is going to be integrating with public blockchains, the first of which are @ethereum and @NervosNetwork. This is kind of a big deal. Thread. ?
— Haseeb Qureshi (@hosseeb) June 28, 2020
Largest government based blockchain infrastructure network
BSN is the world’s largest blockchain infrastructure network, in the sense that it is supported by the government. BSN has established city nodes in more than 100 cities across China.
Hurdles in the way of adopting blockchain
Weixin claimed that such a huge project is more complex than the rest. It has a diverse set of instructions and the training cost is also massive, which makes it a victim of criticism. But China will cater these issues positively as industry observes told;
Zhejiang Province (…) will become an important milestone in the development of [China’s] blockchain technology and a model benchmark for the construction and operation of provincial backbone networks in the future.
China is taking measures to end Bitcoin and other such cryptocurrencies while focusing on implementing blockchain-based projects.