China is preparing a consequent major take on blockchain adoption. The country is developing a new project aimed at integrating international central bank digital currencies (CBDC) as a part of their recent blockchain endeavor, the BSN.
Building a Universal Digital Payment Network as part of 2021 Outlook
The country’s national blockchain project, Blockchain Service Network (BSN), has featured another task on its way to adopting blockchain network and more standardized forms of digital currency transfer practices. According to a recent publication, in 2021, the BSN will focus on building a universal digital payment network (UDPN).
As per the announcement, CBDCs are expected to fundamentally change traditional currencies’ current payment methods. They might also improve resilience and notably increase the global circulation of commodities and cross-currency settlement.
Plans include BSN building the UPDN in five years, based on the CBDCs of various countries, working with several international banks and technology companies. Through the network, information systems like banking, insurance, mobile applications, and ERP could contact UPDN services to engage a standardized digital currency transfer method and payment process, with the essence of a cost-friendly global payment solution.
UDPN is still in its design stage, and its beta version will launch in the second half of this year.
Alongside the UPDN, the BSN will push further towards an ambitious 2021 roadmap. Among its additional project, there will also be a focus on further expanding the BSN network, promoting its platform, and prospering its ecosystem.
During the year, the BSN Development Association will engage a detailed training system in China to educate more individuals and organizations to embed blockchain technologies into traditional information systems. Thus, to make the real economy more cost-friendly and encourage a new stage of technological innovation.
China Being Ambitious About Blockchain Adoption
China’s bold steps towards national blockchain and cryptocurrency implementation seem far more vigorous compared to other countries. The Blockchain Service Network is, by all means, one of the country’s most aspiring endeavors, and proof that soon the nation might effectively integrate the blockchain system further into everyday economic life.
Announced in the middle of October 2019 and launched in April 2020, the platform represented an alliance of Chinese government groups, banks, and technology companies with the idea of allowing the development of smart cities, applications, and the digital economy on top of it.
As CryptoPotato reported, just a couple of months ago, the BSN announced another blockchain-oriented endeavor with the integration of major blockchain network Tezos to its international portal. Back then, all three global public city nodes – Hong Kong, California, and Paris – have integrated with the Tezos Blockchain in both mainnet and testnet.
The article was first published on Jan 17, 2021