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Blockchain-based Service Network create 24 public permissioned blockchains for BSN China users to use free in the 1st year

According to China’s state-owned Blockchain-based Service Network (BSN), it looks like they will launch 24 public permissioned blockchains for BSN China.

BSN was officially split into two entities – BSN International and BSN China

As you know, China’s state-owned Blockchain-based Service Network (BSN) is an initiative to provide a cheap, efficient method for small and medium-sized enterprises to use Blockchain and dApps for all countries on over the world, not just China. This project is supported by Beijing and giant state-owned companies like China UnionPay, China Mobile, and China Merchants Bank. In July, BSN was formally split into BSN International and BSN China, giving China more control over BSN users on the mainland.

These two new branches have different missions.

BSN International provides permissionless services by integrating public chains like Ethereum, NEO, Nervos, and more. It wants to attract global developers to build dApps through BSN’s international portals and also achieve some level of interoperability with Chinese permissioned chains.

BSN China, which owns the majority of BSN’s city nodes across the mainland, is a separate system that cannot access those public chains, following China’s strict government laws and regulations towards cryptocurrency and blockchain technology. China requires all the developers for BSN China to provide identification information before using its blockchain services.

To provide a bridge between the two systems, BSN China chose five-city nodes to connect to BSN International. However, dApps running on those five nodes will still need to comply with Chinese laws and regulations for Blockchain cryptocurrency.

China’s Blockchain-based Service Network offers 24 new chains to users for free — with a catch

BSN China will now create its version of “public chains” by localizing 24 more. As its official name implies, BSN’s Public Permissioned Blockchains will be a hybrid of the two types of blockchain networks. The project will start in September and aims to launch in the middle of November 2020.

In addition to allowing designated developers to control access, the newly licensed blockchains will also cancel the token payment mechanism and instead require future users to pay. Directly in RMB through offline and online ways, such as WeChat Pay, Union Pay, or offline money transfer.

Yifan He, the CEO of Red Date Tech company, which is in charge of the technical part of BSN, stated:

“As an important part of the development of global blockchain technology, the public chain has its own logic of technology design, application scenarios and ecosystem. However, due to laws, regulations and other reasons, the promotion of public chains in China has been lacking effective methods and channels. It is the most practical way for public chains to enter the Chinese market in compliance with Chinese legal and regulatory requirements.”

A new publicly licensed blockchain is being launched in partnership with Huobi Group and another tech company that refuses to go public. He describes the anonymous company as one of the top five cloud service providers.

According to ZDNet, the top five cloud service providers globally are Amazon Web Services, Microsoft Azure, Google Cloud Platform, Alibaba Cloud, and IBM. In the first year, fees for using the new publicly-allowed Blockchain will be free.

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