The Vision Behind the Blockchain Service Network
China is on a mission, and it’s a digital one! The Blockchain Service Network (BSN) is setting out to integrate central bank digital currencies (CBDCs) from around the globe into a universal digital payment network. This ambitious project, announced via a blog post on January 15, aims to create a seamless system for digital currency transactions fueled by the world’s financial heavyweights.
What is the Universal Digital Payment Network (UDPN)?
The UDPN is no average digital payment network; it’s designed to standardize how digital currencies transact globally. Currently in the design phase, this beta system is rolling out in the latter half of 2021. Envisioned as a five-year project, the UDPN aims to revolutionize currency transfer methods by unifying platforms ranging from banking to mobile apps through APIs. It’s all about making global payments easier and more cost-effective!
Components of the UDPN
- Standardization: By applying uniform methods for digital currency transfers, it levels the playing field for all currencies.
- Interconnectivity: The system connects various sectors like insurance, banking, and enterprise resource planning.
- Cost Efficiency: Aiming for lower transaction fees and faster payment processing.
A Game-Changer for Finance
In bold terms, the BSN champions CBDCs as a potential game-changer for the global financial system. They assert that CBDCs will overhaul traditional payment methods, bolster the resilience of payment systems, and enhance the global movement of goods and multi-currency settlements.
“The CBDCs will completely change the current payment and circulation methods of traditional currencies.”
BSN’s 2021 Roadmap and Goals
The UDPN isn’t the only goal BSN has set its sights on this year. The project outlines three additional focus areas:
- Expansion of the BSN network
- Promotion of a private BSN platform
- Broadening the BSN ecosystem
In 2021, expect significant investments in research and development to fast-track blockchain adoption on a global scale.
The Birth of the Blockchain Service Network
Launched in April 2020, the BSN was initially targeted at small to medium enterprises (SMEs), serving as a tech hub for blockchain app deployment on secured blockchains. Since its inception, the BSN has evolved, positioning itself as a pioneering force in the blockchain movement globally.
