China is through with the development of its blockchain platform and plans to launch it on April 25. The platform, the Blockchain-based Service Network (BSN), is operated by The State Information Center.
The BSN is to make it easy for Chinese firms to develop and launch blockchain applications much faster. Launching these applications on the BSN will also be cost-effective.
At the moment, Chinese firms need to spend nearly RMB 100,000, about $14,000, to develop and launch a regular consortium blockchain network. The BSN crashes this cost significantly, to an annual fee of between RMB 2,000 and RMB 3,000, which is between $280 and $425.
The BSN says that the heavy costs of developing and maintaining a blockchain network is the biggest problem hindering blockchain growth and development. This need spurred the BSN platform, doing its part to encourage blockchain development and to make it easier for these companies. According to the BSN Development Association:
“This will encourage a vast number of small-, medium- and micro-sized enterprises, and individuals such as students, to use the BSN to invent and innovate, thereby accelerating the rapid development and widespread use of blockchain technology.”
Last month, the PBoC announced it will receive $4.7 million from the Chinese government, for the research and development of its blockchain trade finance platform.
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