What is a Blockchain Service Network / BSN?

One of the most ambitious projects in the world of cryptocurrencies is currently underway in China.

What is a Blockchain Service Network / BSN?

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The Blockchain Service Network is a unique system that aims to connect different cryptocurrencies. They are based on various mathematical equations.

According to an official document explaining the use of BSN, this network is a place where various cryptocurrencies such as Bitcoin and Ethereum can be connected. Furthermore, various applications will be built on this network to use them.

CyberWein representative, a company that develops its own cryptocurrency, explains, if we assume that individual cryptocurrencies are wells, then BSN is a pipeline that connects different wells. And thus saving both time and energy needed to develop a new cryptocurrency from scratch. This will further facilitate the development of this technology, from the perspective of companies and startups that have less work to do in creating a new product. Also from the perspective of the end-user who avoids the increasing costs of transactions and exchanges from one cryptocurrency to another.

China also aims to use the BSN in its "Belt and Road" initiative, the epicenter of Chinese foreign policy in recent years.

- Ultimately, BSN will be used as a massive infrastructure of the "Digital Silk Road", which will connect Chinese trade partners, a group of intellectuals from the Australian Computer Society wrote in a statement last year.

A field in which China is silent about the blockchain

The only field in which China does not experiment or report experimenting with this technology is the development of the digital yuan. Due to the huge amount of energy and time it takes to make cryptocurrencies secure, it is very difficult to make this technology widely available at the level that China needs. Furthermore, there is an explanation that this is one of the main factors hindering their use of cryptocurrencies.

According to official data, there are no indications that the Central Bank of China has used or will use a blockchain. The Chinese government has left it to third parties, banks, and financial institutions to choose whether to distribute the digital yuan in the same way as cryptocurrencies.

Even if they manage to solve the problem of mass distribution technologically, it is possible that they will not use this technology in this case. And that is because of the fact that they avoid leaving things to chance, and that they are inclined to control.

According to domestic analysts, the fact that China avoids making a blockchain product that would be traded on the stock exchange, as with other cryptocurrencies, is not such a problem.

Several projects that are of interest to the Chinese government are DATA (related to data storage and processing), FIL (decentralized data storage), VET (application of blockchain in the distribution chain), NEO (a project that is a copy of Ethereum, and whose owners cooperate directly with the Chinese authorities), etc.

By: Nitza - Gossip Whispers