China's capital Beijing is implementing blockchain technology within its Blockchain Service Network trading platform.
In this sense, the platform called Blockchain Service Network (BSN), is intended to be the platform blockchain largest in the world. A platform designed for commercial use, where companies and organizations in the sector can participate and interact with each other, in order to carry out their operations efficiently and easily. The developers of this platform compare its use to the famous Lego game, pointing out that it is just as easy to use the BSN platform as it is to assemble one of these games.
For its part, the BSN platform is controlled by the Asian giant in all its phases. Currently, there are 2 digital phases: the Chinese version and the English version, but both controlled by the Asian nation. Thus, the developers indicate that this technological innovation will become a unique platform. Counting on a global infrastructure designed and controlled by China, which over time will become established worldwide.
The company leading this project, called BSN Alliance notes that this network will drive the future of international trade, while balancing global governance and geopolitics around the world.
Likewise, BSN is the basis for the launch of China's digital currency; a currency that will soon be issued and controlled by the Central Bank of China. It should be noted that the Asian country is already carrying out pilot tests of the new digital yuan in several of its cities. This is so that the currency, called CBDC, be implemented by users in local transactions, in addition to national and international transactions carried out by the country for commerce.
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China's efforts to adopt and implement blockchain technology
The current government of China has implemented technological measures that have boosted the development of blockchain technology within the country. This despite the constant negatives that the Asian giant has against cryptocurrencies. However, currently, China's belief in blockchain is that this technology will greatly contribute to the country's national rejuvenation. However, we must not forget that this nation pursues the ambitious goal of becoming the world's leading power at an economic, military and, of course, technological level.
Beijing, the technological capital of the world
In Beijing, the gigantic and incredible capital of China, the current technological developments are exceptionally captivating and extraordinary. Now, with the implementation of the Blockchain Service Network (BSN), the country is on its way to achieving the development of advanced and innovative applications. Through which services and solutions are provided in a timely manner for the new digital economy.
In this sense, Michael Seung, Co-Director and Professor of the Fintech Research Center at the Fanhai International School for Finance, Fudan University, has referred to the BSN platform as the infrastructure infrastructure. Seung expressed that this technology allows:
“The vertical integration of cloud computing, 5G communications, industrial IoT, AI, Big Data integrated into Fintech and other application-level services.”
BSN is currently being implemented in approximately 100 nodes. located in the city of Beijing and many others located in different countries. From these nodes, connections are being made with which the aim is to operate quickly, easily and reliably within the commercial and financial sector of the city. Although the objective of the platform is to promote the development of the digital economy within the country. After that, such development can be extended internationally and globally. BSN also seeks to implement solutions within the construction of smart cities. But it also seeks to reduce costs in the development of new blockchain-based applications.
Global Blockchain Service Network, this is the goal that China is pursuing
The nodes that are operating in other countries are located in Japan, Singapore, France, South Africa, the United States and Brazil. This is what he reported Huobi Exchange, a cryptocurrency exchange that was banned in China, but is now working together with the nation to continue promoting the development of the new technological platform.
Through the connection of these nodes you can already see the logic of the Asian giant with this innovation. The implementation of the BSN platform and its CBDC digital currency will make it possible to capture all the economic gains generated within a global economy that is rapidly digitalizing. Or at least this is what is expected in the medium term. Thus China, which already has the necessary profile to become the world's next technological leader, will be able to achieve this goal with the new skills it can acquire thanks to BSN.
With this platform, the Asian giant can now reduce the operating costs of commerce. But in addition to improving the flexibility of operations and providing better regulatory oversight throughout this area. Blockchain Service Network is a platform developed with the purpose of creating new economic strategies. Some that allow the country to overcome the havoc caused by the COVID-19 pandemic, as well as position itself as a leader in international trade.
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