/biz/ - Business & Finance

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BEIJING, Oct. 15 (Xinhua) -- China launched a nationwide blockchain-based service network (BSN) on Tuesday, with aims to improve the layout of the blockchain sector and serve the development of smart cities and the digital economy.

As a trans-regional public infrastructure network, the BSN was jointly launched by the State Information Center (SIC), China Mobile, China UnionPay and other institutions.

Featuring controllable security, independent innovation, openness and inclusiveness, the network will effectively reduce the technical and economic threshold for the application of blockchain, said Zhang Xueying, deputy head of the SIC.

With the gradual adaptation of 5G, the Internet of Things, artificial intelligence and other technologies, the BSN will provide high-quality and customized services for the development of smart cities and the digital economy, and help nurture a batch of new industries or new business models based on blockchain technology, according to Zhang.

Beta tests of the network have also kicked off, with all related content, applications and resources free of charge before March 2020.

Chainlink’s oracle network, a constellation of data feeds for blockchain applications, will be integrated directly to the BSN using IRITA. This will greatly improve efficiency, Cao said.
At TechNode’s event on Thursday, He said the partnership between Red Date and Chainlink will be formally announced on Tuesday.
Chainlink declined to comment on the news when reached by TechNode on Thursday.