China is one of the first countries to seemingly recover from the coronavirus crisis. In fact, it would appear that the national blockchain network launch will still go ahead as planned, which is rather surprising.
China has made its blockchain ambitions very clear in recent months.
China’s Blockchain Project is Still Alive
The country will contribute several million to its national DLT network.
Many expect the coronavirus crisis to delay this launch.
However, that will not be the case, according to sources close to the matter.
The China Blockchain-based Service Network will still launch in April 2020.
Through this network, developers can deploy native applications with ease.
For blockchain firms in China, this launch is crucial to keep an eye on.
They will no longer be required to run their own distributed ledger network.
It will also give the Chinese government a better overview of the domestic industry and the ability to exert more control over it.
In terms of privacy, the BSN is not necessarily a step forward.
That being said, it seems as if most participants are not too concerned about that aspect as of right now.
The future looks bright for China’s Blockchain-based Service Network.
The question now becomes who will develop what type of applications on this distributed ledger infrastructure.