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China’s Blockchain Service Network to Finalize Facilitating Features Integration by 2021

By Robin Wong | August 24, 2020

China’s blockchain project on a national scale – the Blockchain Service Network (BSN) – will reportedly be finalizing the integration of facilitating features for stablecoin next year. 

Specifically, Yifan He, Head of Red Date Technology, a tech heavyweight working on the BSN project, disclosed the information regarding the stablecoins integration finalization. 

With pilot testing carried out last year, China’s BSN will reportedly function as a state-backed initiative with a primary goal to offer assistance to medium-sized businesses, in the development and deployment process of blockchain applications. 

He reportedly explained that stablecoins will function as a payment method for a wide range of services, throughout the BSN ecosystem, including cloud resources. 

“Only stablecoins can make it much easier, quicker and safer,” The executive further remarked. 

Stablecoins will reportedly allow for immediate settlement between public city nodes providers and the acclaimed BSN portals. 

“BSN involves many clearing and settlements among participants. For example, public city nodes providers allocate cloud resources onto BSN, and the BSN portals sell BSN resources to their end developers. Then part of the money the portals receive will be paid to the public city node providers, currently we are going through banks.”

At the moment, the specific stablecoins selected for the integration into China’s major blockchain-related project are reportedly yet to be revealed.

 

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