The news from China is that a project to create infrastructure for Blockchain went live on April 25th. It is called BSN or Blockchain-based Service Network.
When people ask me “When will we know that blockchain is successful”? My answer : “When blockchains disappear.” This does not mean that blockchains will go away. Like water supply, sewer or electric lines, often buried underground, the bedrock of financial markets infrastructure will be augmented by blockchain and the internet of value should work automatically, behind our sight lines.
When talking about the internet, most people do not discuss details of TCP/IP or how internet caching and the https protocol work. Connect with friends and family through email, talk to grandma using video, order groceries online, post our own moves on Tik-Tok, meet with colleagues in a Zoom meeting. People talk about what they can do. Not about the details of internet as technology. Of course, a cadre of geeks will be deeply involved in details so that the user experience becomes seamless.A smartly dressed invisible man with his cane and hat leaning against a wooden seat on the ... [+] coastline. Getty Blockchain-based Service Network
Recognizing this fact, infrastructural developments to make blockchain adoption, deployment and operation easier for the Small and Medium Enterprises (SMEs) has been started at a gigantic scale in China. BSN will integrate with the global ambitions of the belt and road initiative. This article is on how the Blockchain-based Service Network will make blockchain disappear in China. As blockchain and internet of value maturity creeps upon us, more and more such turnkey solutions will appear. They will take different forms in different countries. However, their capabilities and costs will converge.
The state technology company, a state backed payments company and big chinese mobile operators are behind BSN. BSN is executing w...