China has a aim of becoming the world leader of new technology so therefore china has ban cryptocurrency exchange and initial offering. The blockchain helps in tracking shipment of goods especially luxury goods and authenticate court evidence.
As part of china priority as a country, they want to set up an industry standard and also build the underlying infrastructure for blockchain application worldwide and by so doing the government backed a blockchain infrastructure network lunched in china last year. This serves as an operating system for blockchain programs so developers won’t be able to have a access to design a framework from the ground.
The state information center are the brains behind the BNS. They are the affiliate to china’s top economic and reform planning. There are basically two types of blockchain which are;
- Private blockchain
- Public blockchain
The private blockchain is ruined by one or multiple stake holders in an industry and the public blockchain which deals with public
The BSN is designed for the global infrastructure purpose to support both the private and public blockchain and currently the BSN is working towards the private blockchain sector the more.
Hopefully this week, it would announce the rolling out a permissioned version of cosmos introduced in 2019. Cosmos is actually a network comprised of different private blockchain and calls itself the ‘internet of blockchain’.
Global developers would be able to deploy their dApps on the wenchang via BSN. This would make it possible for their dApps concurrently compliant with the Chinese regulation.
Basically the aim of wenchang chain is to provide a public infrastructure network that will allow the low cost development, operation, deployment, regulation and maintenance of consortium blockchain application.