China’s Blockchain Ambitions with BSN: Blockchain Hub without Cryptocurrency

According to China’s Ministry of Industry and Information Technology(MIIT), Chinese blockchain patent applications make up 84% of all blockchain patent applications globally. In the previous year of 2021, China accounted for 63.2%, followed by the U.S., and South Korea.

It’s no doubt that China is putting great efforts into developing blockchain technology. The quantity of patents isn’t necessarily an indication of their quality, but it is evident that China takes blockchain technology very seriously.

And in the center of China’s Blockchain, there is BSN; Blockchain-based Service Network.

What is the Blockchain-based Service Network?

The Blockchain-based Service Network or BSN is backed by the Chinese government and it has been building a platform that aims to facilitate the deployment of blockchain technology for companies.

According to the BSN website, they define themselves as “A cross-cloud, cross-portal, and cross-framework global public infrastructure network used to deploy and operate all types of blockchain distributed applications (DApps).”

There are several ways I define the BSN; Universal Blockchain, Blockchain Singularity, and Permissionless Blockchain without cryptocurrencies.

Universal Blockchain

In a bid to become a one-stop shop or hub for blockchain network, BSN aims to embrace literally all types of blockchain; including private, public, hybrid, and consortium blockchains.

Blockchain Singularity

It seems like a nice idea to use BSN as a universal protocol but on the other hand it means BSN can be a central point of blockchain development under their network, eventually the next internet backed by blockchain.

Blockchain without Cryptocurrencies.

The BSN network operates without cryptocurrency. Instead, it uses fiat(US dollars) as a network fee. In this way, you can take advantage of public blockchain’s merits while avoiding any issue around the token for possible scams.

BSN’s Ecosystem

In order to achieve BSN’s ambitious goal, they need a large partner ecosystem. There are many private(permissioned) and public(permissionless) blockchain ecosystems already joined as a partner of the BSN ecosystem.

Also, BSN’s product is aimed at companies, in particular, those operating cloud computing infrastructure as many blockchain nodes and applications are running on the cloud thus having partners like Google, Amazon are obvious for expansion.

For detailed documentation about their partner, github and tech specs check this link.

Evolution: BSN Spartan Network

In order to evolve further and put their plans into action, they have launched Spartan Network this month.

They claim that BSN Spartan Network is a public and an independent infrastructure network that uses the open-source. The non-cryptocurrency public chains are available within the data center and accessed by all IT systems worldwide since cryptocurrencies are removed from the layer one of the public chains.

Their blockchain dreams are beginning to be fulfilled in the real world, and it’s just the beginning.

Meanwhile…

Meanwhile, for the first time the White House, which represents the US government, has released a proposed framework for digital assets that outraged many in the crypto industry.

Similar to China, which blocked cryptocurrency, the US is enforcing protection frameworks and backing CBDCs as a way to regulate crypto.

I believe China is moving ahead in blockchain, but there are many challenges ahead technically. Besides the technical issue, it is a very centralized network backed by authoritarian socialism government, which opposes western democracy.

While the US government considers China’s blockchain to be a national security issue, they haven’t yet released a clear plan on blockchain technology. Does the US government intend to promote blockchain by doing something similar to what China proceeds or will leave it to the private sector? What’s your take on this? Is it worth joining BSN and building an application? Please feel free to share your thoughts.

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