The financial transactions and information-sharing world has seen new waves of change since the advent of blockchain technology. One of the main causes of blockchain's increasing popularity is its application in governance applications. On the other hand, early internet technology is comparable to current blockchain technology. The current blockchain ecosystem has to be improved because of its different underlying frameworks and architectures and the greater costs associated with application development, deployment, and maintenance. The best option for building a global blockchain infrastructure is now the BSN Blockchain.
The Blockchain Service Network, or BSN, was made publicly available and is supported by the Chinese government. The China BSN blockchain network seeks to assist Chinese SMEs in adopting blockchain technology. As a result, there has been a significant interest in BSN recently. The goal of the conversation that follows is to provide a thorough overview of China's Blockchain Service Network.
Origins Of Blockchain Service Network
Before considering the core principles of the China BSN blockchain, it is crucial to comprehend the circumstances that led to its establishment. China's national effort, BSN, aims to integrate blockchain projects across large corporations, government agencies, and emerging markets.
BSN was designed to serve as the foundation for the interconnectivity infrastructure connecting people, companies, and governments domestically and internationally in mainland China. The basic goal of BSN Blockchain's founders is to create a new "Digital Silk Road" that will link China with the rest of the globe.
Any new technology, like blockchain, evolves from high cost to low cost, from complexity to simplicity, and from diversification to unification. Therefore, to address the numerous issues with current blockchain technology, a global, universal blockchain infrastructure is necessary. A worldwide blockchain network, like China's Blockchain Service Network, or BSN, could assist in accomplishing the following goals.
- Easier procedures for blockchain ecosystem building and upkeep.
- Decrease in the price of developing, deploying, and maintaining blockchain applications.
- Flexibility for frameworks with and without authorization.
- Establishing a global data interchange for chains and frameworks.
- Implementing blockchain applications at a chosen foreign location on any cloud service.
- Granting users access to every application with a single digital identity and private keys.
- Enabling developers to use any portal for application deployment and management.
Defining BSN
Known as the 'Internet of Blockchains,' the BSN Blockchain is a public network that spans multiple cloud platforms, frameworks, and portals. It makes it easier to create, implement, and maintain permissioned and permissionless blockchains and applications at a reasonable cost. Cities can create a nationwide physical city node blockchain service network by utilizing the BSN, which consists of public city nodes and a consensus order cluster service.
Application producers may easily and affordably distribute their apps across several city nodes. Low-frequency apps on the Blockchain Service Network (BSN) share a single peer node. At the same time, high-frequency applications benefit from automatic and intelligent peer node distribution. The power of BSN blockchain integration lies in its ability to streamline and enhance data transparency, security, and interoperability across diverse applications and industries.
The Value Proposition Of BSN
The resource-sharing approach contributes to a reduction in resource expenses of between 20% and 33% compared to traditional blockchain cloud services. Conventional blockchain applications necessitate the establishment and upkeep of separate consensus nodes in addition to peer nodes.
However, the BSN network just needs one cluster service, which is a uniform consensus node. The development, establishment, management, and upkeep of the universal consensus node cluster service fall under the purview of China UnionPay. Every blockchain application running on the city nodes can also access services the consensus node cluster service provides.
BSN blockchain may also be thought of as an information infrastructure. Sharing resources provided by city-developed public amenities is the fundamental idea of BSN. Sharing resources would thereby reduce social costs. Blockchain application developers and publishers can create their blockchain operating environment using BSN without buying any more physical servers or cloud services.
Conversely, publishers and participants could take advantage of the standardized public services provided by BSN and the option to rent shared resources based on their needs. As a result, China BSN Blockchain allows both the participants and the publisher of the blockchain application to realize significant cost savings. The decreased annual costs for building a traditional consortium blockchain network environment demonstrate the cost-effectiveness of BSN.
Working And Architecture Of BSN
After you understand the history, description, and benefits of the BSN Blockchain, let's talk about the BSN architecture. The consensus order cluster services and public city nodes are the key components of the BSN architecture. The internet connects these components. Depending on the demands of their businesses, application publishers can choose a certain number of city nodes based on factors like storage capacity, bandwidth per node, and transactions per second.
They can then assign rules based on their privileges and rights to configure the application as a private blockchain or consortium. Additionally, the publisher might publish infinite apps by choosing any combination of city nodes.
Furthermore, participants with the required permissions to engage in the relevant business might access every city node deployed by the program. Participants and application publishers should pool their resources to promote innovation throughout the process. In addition, publishers and players could save money by not having to construct and maintain their blockchain operating environment.
Key Components In BSN Architecture
The elements of BSN Blockchain's architecture enable it to do these functions. This summarizes the main elements that makeup fundamental architecture of BSN Blockchain.
Public City Nodes
Public city nodes are a critical operational component of the Blockchain Service Network (BSN), offering system resources necessary for blockchain applications. Each city node is owned by cloud resources or data center providers, who install BSN software on cloud resources to establish and connect nodes to the network. Through the site, application publishers can look for and buy node resources. Owners have the option to add more resources to boost load capacity.
The technology lowers overall operating expenses and enables effective resource utilization. BSN is a multi-ledger system that uses private channels for data communication, storage, and transaction processing on certain city nodes. For high-concurrency applications, such as decentralized banking, the load-balancing mechanism optimally distributes high-performance peer nodes, improving the effectiveness and usefulness of the network.
Consensus Order Cluster Services
To determine the order of transaction delivery in traditional federated blockchain systems, each consensus order node must be deployed and maintained. But BSN Blockchain, acting as a central hub for data processing, offers a novel method with its consensus order cluster services. These services offer increased performance and concurrency and lower operating costs for implementing blockchain applications. China UnionPay oversees them. By utilizing consensus techniques, the services can smoothly adjust to the increasing capacity of the BSN, guaranteeing efficient management of multiple concurrent transactions.
Through distributed clustering and collective clustering modes, the consensus order cluster services provide flexibility, supporting a range of resource configurations for applications with different load demands. This flexibility optimizes the BSN blockchain's total operating expenses. China UnionPay's dedication to providing affordable, dependable, and efficient services is demonstrated by its proficiency in handling high-concurrency transactions and its aggressive stance supporting financial rules designed specifically for BSN. Because of this experience, China UnionPay is in a position to influence BSN's regulatory structure and encourage adherence to Chinese laws and regulations.
Permission Management Chain
Public city nodes are an operational element of the Blockchain Service Network (BSN). These nodes provide system resources, access control, computing power, and transaction processing for blockchain applications. They are run by cloud resources or data center providers. Application publishers can access and acquire nodes created by city node owners through the site by installing BSN software in cloud resources. When necessary, owners can add more system resources to boost a city node's capacity to handle more traffic.
While low-concurrency apps share a single peer node, the BSN uses a load-balancing mechanism to efficiently allocate high-performance peer nodes to high-concurrency applications like decentralized banking. This strategy minimizes total operating expenses while optimizing resource utilization. Based on the concepts of a multi-ledger system, the BSN Blockchain guarantees specific channels for data transmission, storage, and transaction processing. Channel isolation ensures a high degree of anonymity.
Smart Gateway
The smart gateway, the last element in the BSN Blockchain architecture, aids in the formation of intricate business logic. Blockchain technology's components are point-to-point transmission, encryption methods, and shared ledgers. Therefore, using application chain code alone to implement complicated business logic presents challenges for participating organizations.
Most of the time, member organizations have integrated their business logic into the chain. The efficient integration of BSN with business operations is facilitated by the connection between their business system and the blockchain chain. The smart gateway facilitates the provision of a workable interface for company operations and strategies utilizing the BSN network.
Also Read: Unleashing the Power of Blockchain: How This Revolutionary Technology is Transforming Our World!
Advantages Of Blockchain Service Network
Any guide on BSN Blockchain should, of course, focus mostly on its advantages. The prospects that Blockchain Service Network can provide to the global blockchain ecosystem are sufficiently reflected in its advantages. These are a few of the main advantages of the Blockchain Service Network.
Cost Effectiveness
The primary aspect that attracts interest in BSN Blockchain is its cost-effectiveness. Developers do not need to buy software servers or cloud services separately to create and manage their blockchain systems.
The consensus order cluster services and public city nodes use resource-sharing and load-balancing methods. Thus, BSN may provide stable, long-term services at competitive prices with excellent performance for blockchain applications. Furthermore, independent developers and businesses are encouraged to use blockchain technology because of the low cost of chain creation in China BSN Blockchain.
Reduced Threshold For Blockchain Application Development
Another intriguing benefit that BSN provides is a reduced bar for developing blockchain applications. The majority of developers are not proficient in all blockchain-based programming languages.
Developers have many options thanks to pre-built chain codes and smart gateways. The additional opportunities may make it easier for developers to use BSN, incorporate blockchain technology into traditional business systems, and launch blockchain business models. In the long term, BSN can function similarly to the internet and conventional databases, making it the go-to option for developers.
Easier Opportunities For Participation
Additionally, the BSN blockchain has improved user participation flexibility in blockchain applications. Different consortium blockchains require different node operating conditions in a conventional local area network topology. Additionally, each consortium blockchain needs to have a certificate of unique identity.
Thus, Participating in blockchain applications becomes an arduous, too complex, and repeated procedure. With BSN, users could access infinite applications at all times and share the same identity certification. Users might effectively interact with data between chains upon mutual recognition of application authorities.
Flexible And Secure Access Modes
The varied access modalities offered by the BSN blockchain are the main advantage. Application users might effortlessly connect to neighboring city nodes to access BSN using a dedicated line connection or the internet. The majority of blockchain applications for consortiums are related to payments or finance.
Therefore, data transfer across a dedicated line is required for financial systems to ensure information security. Because cross-region and cross-province dedicated lines are expensive, most traditional cloud service providers use centralized data centers. All cities in the country have access to BSN city nodes, and they all facilitate same-city dedicated line connectivity. As a result, BSN may guarantee reduced costs compared to dedicated lines that span provinces or regions and implement blockchain in payments.
Conclusion
The BSN Blockchain is a promising advancement over current blockchain technology. Blockchain had to develop into a more user-friendly, affordable, and accessible version eventually. BSN has addressed some of the major issues with traditional blockchain cloud services.
The main goal of BSN enhancements is resource sharing, which lowers costs without compromising performance or security. Additionally, one of the main advantages of BSN will be its adaptability. After just a year of operation, BSN has partnered with well-known figures in the blockchain industry.
