The national Chinese platform BSN, designed to create DApps and issue tokens, is preparing a Universal Payment Network (UPDN) for making payments in digital currencies.
UPDN is currently at the planning stage, and the full launch of the solution will take place within five years. At the same time, various companies and financial institutions will be able to connect to the network through programmatic interfaces (API).
The developers said that the connection will be available for “any information system, including the systems of banks, insurance companies and mobile applications.
The systems connected to the network will be able to process payments in “standardized digital currency”. This concept includes both the national digital currency of China and similar projects of other states.
The Blockchain Service Network (BSN) connects third-party blockchains, including Polkadot, Oasis, and Bityuan. This year, the Chinese platform hopes to bring BSN to work with 30 third-party networks.
Last September, BSN announced the implementation of support for DAML, a smart contract language developed by startup Digital Asset. With DAML, third-party developers can deploy decentralized applications on the BSN.
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