China has been quietly building a blockchain platform

KEY POINTS

In a speech in 2019, the Chinese leader said blockchain was an “important breakthrough in independent innovation of core technologies.”
Since then, China has quietly been building a platform that aims to facilitate the deployment of blockchain technology for enterprises. It is called Blockchain-based Service Network (BSN).
BSN, which has links to the Chinese government, is aiming to go global but could face challenges.

Chinese President Xi Jinping has declared that his country needs to “seize the opportunities” presented by blockchain technology.

In a speech in 2019, the Chinese leader said blockchain was an “important breakthrough in independent innovation of core technologies.” As a result of that speech, blockchain was elevated to a national priority for China, among other technologies — such as semiconductors — that the country is trying to boost its capabilities in.

Since then, without much publicity and fanfare, China has been building a platform that aims to facilitate the deployment of blockchain technology for companies. It’s called Blockchain-based Service Network (BSN).

Here’s what we know so far.

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