China has begun work on a new Blockchain initiative. The project, labeled Blockchain Service Network (BSN), will operate to integrate international Central Bank digital currencies (CBDC).
China to support digital money efforts with BSN
According to a recent report, BSN is trying to standardize its digital money transfer practices and processes. This means that the network will create a universal digital payment network (UDPN) to facilitate such transactions.
The report states that CBDC projects are expected to drastically change the traditional payment method. It is stated that B projects will also significantly improve the durability and international payment system.
BSN works with different international banks and tech companies to create UDPN. The project is expected to be completed in the next five years and is currently being built on CBDC projects of countries working on a project.
Blockchain studies in the country continue rapidly
After the project, the network will allow information such as banking, insurance, mobile apps and ERP to use UDPN services to initiate the digital currency transaction payment process. The project is still in the design phase, but its beta version is expected to be released within the year.
While other countries are still reluctant to adopt Blockchain technology, China is taking bold steps towards implementing a national blockchain and digital asset. The current BSN project shows that the country is trying to effectively integrate Blockchain into daily economic life. The project will also significantly facilitate financial transactions in the country.
The country’s blockchain project; It was built on the idea that it would allow smart cities, apps and the digital economy. The government, banks, and technology companies work hand in hand to ensure the success of the project.