- The Chinese Blockchain Service Network is aiming to draw a finishing line in its integration procedure with 30 different public blockchains
- China is still at its designing stage of the UDPN, which is an initiative to make transactions easier
- While the UDPN is still in its design stage and can take half a decade, its city nodes are already being distributed and established in China’s states.
The Blockchain Service Network (BSN) has started and will complete its integration with a total of 30 public sector blockchains in the ongoing year. The Blockchain Service Network of China has all reserved permissions to build tokens and decentralized applications.
China’s BSN is planning to release a veta digital currency of the Central bank, also known as the Central Bank Digital Currency(CBDC). It is scheduled to be released by mid-2021. All the initiatives mentioned above and planning were recorded from a blog post published on 15 January 2021.
THE PRIMARY SERVICES OF BSN
Blockchain Service Network(BSN) is a state-sanctioned digital payment network; it is also universal and is being designed in China. It is believed that the Universal Digital Payment Network(UDPN) that is being planned will take another five years to be designed. The 15th January blog also claimed that the CDBC’s from different networks all over the globe would join hands and support this initiative. The above mentioned UDPN will run through API connections and other types of systems providing information like ERP’s, insurance, banks, mobile apps, etc. This will help to set up and achieve a standardized transfer mode of digital currencies while making payments.
CONDITION OF THE NETWORK PRESENTLY
Public city nodes, also known as PCN, are being distributed in various states of China, although the UDPN is still at its design phase. This clearly shows that China is very much sure about the network’s success and is therefore keeping everything ready so that, as soon as the network is ready, people can avail it easily. It was also noted that several projects were incorporated by the BSN very recently. These projects were public, aiming into networks like the project Oasis, a cloud-computing project, then Bityuan – a public blockchain-based in China, and Polkadot meta-protocol. The Chinese Blockchain Service Network also expects to complete its integration this year, with over 30 public-based blockchains.
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