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Blockchain Services Network (BSN) launches globally

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Blockchain Services Network (BSN) launches globally

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Photo: REUTERS/Jason Lee/File Photo

China will today initiate the global commercial launch of its Blockchain Service Network (BSN), a groundbreaking infrastructure project that will provide the first-ever public foundation for hosting blockchain applications.

The BSN will connect virtual public ledgers stored in multiple nodes throughout Chinese cities. By attaching unique hash codes to newly entered blocks of information, the blockchain technology provides rapid data authentication that is extremely difficult to circumvent, making it the ideal mechanism to process transactional data such as cryptocurrency trades. The BSN is designed to link blockchain networks into a single cohesive system, thereby reducing costs and boosting accessibility for Chinese citizens.

Despite the broad applicability of the program—including the facilitation of COVID-19 contact tracing—the BSN also been criticised as a veiled mechanism via which the government will further restrict the personal freedoms of its citizenry. Today’s rollout is set to be followed by the launch of the Digital Currency/Electronic Payments (DCEP) platform, both of which will eventually be used to trace all domestic financial payments. Moreover, the BSN will likely be combined with the burgeoning Skynet and Social Credit systems, which could allow for personal surveillance on a scale never before seen. Expect the dual power of the BSN and DCEP to cultivate a global cryptocurrency network capable of rivalling the US dollar as a reserve currency, although large-scale DCEP adoption is not expected in the short-term due to domestic reliance on Western currency.

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