About China’s BSN
In April 2020, the Chinese government launched its blockchain initiative, which is called the Blockchain Based Service Network or BSN. Founders of the initiative are the State Information Centre of China, Red Date Technology, China Union Pay, and China Mobile. The network was based on a protocol FISCO BCOS, a collaborative project done by Beyondsoft, Digital China, Forms Syntron, Huawei, Tencent, and others. Participants share the public services provided by the Chinese government. Public blockchains integrated here were Tezos, NEO, Nervos, EOS, Ethereum, and IRISnet.
The stated objective of BSN is to accelerate the adoption of blockchain technology by micro and small industries. Through the application, the cost is minimized as there is no need for physical servers or cloud services. The estimated operating cost reduction by the adoption of blockchain technology is 80%.
NFT launch in China
Non -Fungible Tokens or NFTs are a unit of data in which any digital content can be logged and authenticated in a blockchain network. NFT has made owning and selling digital content simpler. BSN has announced that it plans to roll out Chinese NFTs by January 2022. Reports indicate that the Chinese government is not against NFT because it is conceptually different from cryptocurrencies. The proposed NFT infrastructure will be different from crypto-transacted NFTs and it will be named the BSN-Distributed Digital Certificate or BSN-DDC. Chinese Yuan will be the only currency for purchase and service fees. BSN-DDC is likely to integrate 10 permissioned chains such as the adapted version of Ethereum and Corda and the local Fisco Bcos. BSN-DDC is set to disrupt the current industry as many partners are coming forward for collaboration. Apart from artwork, Chinese NFTs will cover car licenses and academic certificates