Launched in late 2019, China's Blockchain Service Network (BSN) is known as a government-backed initiative aimed at supporting medium-sized businesses in building and deploying blockchain applications.
China has selected 164 different organizations, including 15 city governments, some companies, universities, hospitals and industry groups, to conduct a trial on the implementation of blockchain technology.
Chinese officials said on Sunday that the program aims to test the role of blockchain technology in facilitating data sharing, optimizing business procedures, reducing costs, improving synergy and creating reliable systems.
The selected cities include the capital Beijing, Guangzhou to the south, and Guiyang to the southwest. Officials said they would conduct the trial "in-depth", focusing on areas such as manufacturing, energy, law, copyright, cross-border financing, education and health.
According to the statement, Blockchain-related infrastructure will be consolidated and deployed in a balanced manner in the areas involved in the trial to build data exchange capabilities at scale that meet production demand. Organizations participating in the program will be encouraged to use “interoperable” and “sustainable” blockchain-based hardware and software.
What is Blockchain?
Blockchain (Blockchain), which has a chain structure consisting of blocks, is a distributed database system that provides encrypted transaction tracking. In money transfers, each step creates a block. For example, each of the information such as the name of the sender and the amount sent is a block. These blocks created during the transfer process are encrypted, never changed and made unbreakable. These blocks are distributed to everyone on the entire network, and everyone has the same encrypted information. Blockchain's principle of decentralization is based on this technology. The information on the block can only be processed by the buyer and seller specified on them. In addition, Blockchain technology is transparent, anyone who wants can review and review the accumulated blocks so far.