BSN Alliance To Launch Government Blockchain in China

The People’s Bank of China (PBoC), in association with other domestic banking institutions, as well as local tech giants are about to launch the long-awaited state-backed blockchain platform. Although Bitcoin and blockchain can be two intertwined concepts, China’s focus is currently set on the latter, as distributed ledger technology can offer much more than just an alternative digital economic system, one that China had already mastered way before blockchain was even a thing.

Mu Changchun, the Deputy Director of the People’s Bank of China said that the state-backed digital currency is not rolling out anytime soon, despite international rumors. According to policy research firm IEEE, the relevant white paper published by the BSN Alliance confirms that telecommunication companies, digital payment processors, and hi-tech companies will be among the first participants of the network, which is tailored for business use-cases as it is a “permission” blockchain in opposition to Bitcoin’s “permissionless” architecture.

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