With the state-owned Blockchain-based Service Network (BSN), China is underlining its claim to be a guide to technological progress – turning the blockchain ideal of decentralization upside down.After several months of testing, China announced the official introduction of the Blockchain-based Service Network (BSN) about two weeks ago. Companies can connect to the BSN and develop corresponding applications based on the blockchain in exchange with developers. China has thus created a powerful hub that automatically merges different data streams from value chains to trade transactions – and gives the government comprehensive insight into sensitive data.According to a Huobi press release, the Chinese government plans to implement various use cases of the network.
What is included?
This includes applications in intelligent cities, identity registration and data storage. Which back doors the government is leaving open is still unclear.In addition to economic interests, the government is likely to be interested in the broad collection of information about citizens. China’s blockchain strategy turns the blockchain ideal of decentralization into its opposite: Instead of anonymous participation in a democratic network, the state data octopus stretches its arms for sensitive data in the population.