China is already creating its own blockchain universe, so it would be

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China is already creating its own blockchain universe, so it would be

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China believes that the _blockchain_ is the future. Therefore, it is preparing its own ecosystem. Just don’t expect an associated cryptocurrency.

The cryptocurrency market is booming, despite the disaster experienced a few days ago with Bitcoin and other digital currencies. China is one of the main countries that has had the greatest fear of this new technology, since decentralization can make shake the bonds typical of conventional markets. The universe block chain It has become the best showcase for the digitization of the economy, something that is not well seen in those centralized powers.

Even so, the basis of innovation is well seen in the market. Xi Jinping himself, already in 2019, referred to this tool as a solution that should be focused on in the coming years. We are in 2022 and, apparently, the Chinese Government is already preparing an economic model based on the block chain or blockchain. According to what has been known, this proposal bases its differentiation on being designed, above all, for companies.

The business fabric of the world’s most populous country continues to grow, which is why it is becoming much more difficult to control the ins and outs of each company. This is causing people to think about the incorporation of this new technology as a new way of understanding the economic architecture of the country. Are we facing the arrival of an economic proposal focused on decentralization without the Chinese elites being able to know each company in detail?

China would be preparing a technology block chain for business

We usually associate block chain with cryptocurrencies, but the truth is that the second is a small part of the aspirations of the first term. China, according to the provisions of the CNBC network, would be close to set up a new digital ecosystem to adapt its economy to the future that is yet to come. The name of the network could be Blockchain-based Service Network (BSN).

China trusts the network block chain for the future of your economy Industry Talks

The first estimates suggest that this technology could focus on offering services in the cloud, something that they already have Amazon or Microsoft category companiesamong other. Taking into account the management of the public sector by the Chinese Government, everything indicates that these services could be replaced by those developed at the national level. In addition, this would help the public entity to improve the control of said accounts.

Among the advantages of BSN’s commitment would be, without a doubt, the possibility of being compatible with other types of blockchains. This would facilitate interoperability in the digital market, which could contribute to a larger scale of this platform. It would therefore be a simple way of obtaining more information on the companies that are currently operating through some of the networks block chain that are present in the market.

It should be noted, however, that BSN will not be linked to a cryptocurrency, a business that is currently prohibited in the Chinese domestic market. This is so because the decentralization that is associated with cryptocurrencies such as Bitcoin or Ethereum, among others. Associate the currencies to a purse formed by a long combination of numbers and letters is not something that pleases a country that wants to control the heritage of each inhabitant.

Related topics: Web3

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