09 January 2020 13:19, UTC

Denis Goncharenko

18-02-2019 09:47:39  |   Technology

The Blockchain-based Service Network, aka the BSN, is China’s huge project to introduce the blockchain technology to its population on a much more focused level. The platform will be used in order to spread the knowledge about the technology, and help create additional smart cities.

The SIC (State Information Center), have also planned the integration of the blockchain technology in local Chinese startups, thus bringing the potential to dominate the tech market in the future. According to
Sina Finance, the BSN will officially launch in April 2020 and integrate itself with already active initiatives from the Mainland. For example, it’s likely for the blockchain technology to be integrated in the Belt and Road initiative, potentially bringing Chinese blockchain services to dozens of nations involved in the project.

Overall, April seems to be the deadline for the United States as well as other Western powers to somehow create their own blockchain project from scratch. Should they fail to do so, the future of blockchain will most definitely be dominated by China.

Considering that almost every expert is agreeing now that blockchain is inevitable, it would be quite a blow to the US’ soft power as well as financial dominance if it fails to stay competitive to China. Regardless of the outcome, the blockchain community will still see an extremely fast development of the industry.

Image courtesy of Cryptoknowmics

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