China to launch the Blockchain-based Service Network (BSN) after cracking down on the cryptocurrency industry. Proponents claim that it will reduce the cost of doing blockchain-based business by 80 percent. BSN will be the first blockchain network to be built and maintained by a central government.
By the end of 2020, they hope to have nodes in 200 Chinese cities and also believe it could become a global standard all around the world.
China has a mission to make the blockchain-based network for all of its public services, from traffic violations to social security. The public services will be available on a single platform that can be accessed by any citizen in China.
China’s 5-Year Policy Plan has outlined the development goals, put blockchain on par with artificial intelligence, big data, and cloud computing.