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China launches commercial blockchain network

(ATF) China launched the commercial use of a blockchain-based service network (BSN) on Saturday as the country strives to promote the development of distributed ledger technology (DLT) and explore innovations in the digital economy, according to the State Information Center (SIC).

The BSN was designed as a global public infrastructure network, aiming at consistently reducing blockchain applications’ costs in development, deployment, operation and maintenance, interoperability and regulation.

With beta tests starting in October, the network’s functions have been stabilised and played an active role in the prevention and control of the coronavirus epidemic, said SIC head Liu Yunan.

Liu also noted that the network has covered a batch of applications, such as charity, item traceability, electronic invoice, copyright protection and supply chain management.

The network has set up 128 public city nodes, eight of them overseas, and included major mainstream cloud service providers, according to SIC’s Shan Zhiguang.

More measures will be taken to enhance technological innovation and performance optimization of the BSN to lay a solid foundation for the development of smart cities and digital economy, Shan added. 


AF China Bond