TL;DR Breakdown
- China’s Blockchain Service Network (BSN) wants to build a universal digital payment network.
- The Asian country has taken bold steps towards embracing blockchain technology and digital currencies.
China has begun working on a new blockchain initiative. The project, tagged Blockchain Service Network (BSN), is geared towards integrating international Central Bank digital currencies (CBDC).
According to a recent report, BSN looks to standardize digital currency transfer practices and processes. This means that the network would build a universal digital payment network (UDPN) to ease such transactions.
The report states that it is expected that CBDC projects would drastically change the conventional payment method. Not only that, but these projects would also considerably improve resilience and the international payment system.
BSN is working with different international banks and technology companies to build UDPN. The project is expected to be finished in the next five years, and it is built on the CBDC projects of countries working on one presently.
After the project, the network would allow resources like banking, insurance, mobile applications, and ERP to use the services of UDPN to initiate a digital currency transaction payment process.
The project is still in the design stage, but its beta version is expected to be launched later in the year.
BSN project shows China’s commitment towards a national blockchain and cryptocurrency implementation
While other countries are still reluctant to embrace blockchain technology, China has taken bold steps towards implementing a national blockchain and a digital asset.
Its current BSN project shows that the country is effectively looking at integrating blockchain into everyday economic life. This would considerably ease financial transactions in the country.
The country’s blockchain project is built on the idea that it would allow smart cities, applications, and the digital economy. The government, banks, and technology companies are working hand in hand to ensure the project’s success.
