China’s Blockchain-Based Service Network to Integrate Central Bank Digital Currency

Blockchain-based Service Network (BSN) is a permissioned blockchain network which is used to build decentralized applications and tokens and it now plans on releasing a beta central bank digital currency (CBDC), which is expected to be ready as early as the second half of 202..

Sanction by China, BSN is currently working on the design of a universal digital payment network (UDPN), a project which is expected to continue over the next five years. Reports claim that CBDCs from different nations will also be supported by the network.

The UDPN network is expected to be available via API connection as well for “any information system such as banking, insurance, ERP, and mobile applications … to enable a standardized digital currency transfer method and payment procedure.”

Though the network itself is now in the design stage, public city nodes (PCN) are already being released through China in various states of completion.

According to a previous report by CoinDesk, the BSN recently integrated connections to multiple public projects such as the cloud-computing project Oasis, meta-protocol Polkadot and China-based public blockchain Bityuan to his network. The BSN further plans to finalize integrations with about 30 public blockchains in the year 2021.