China is now trying to faucet into the worldwide market with a push to its state-backed blockchain agency – Blockchain Services Network (BSN). Hong Kong-based Red Date Technology is among the founding members of BSN. Speaking to CNBC, Red Date CEO Yifan He mentioned that the corporate is planning to launch its first abroad blockchain undertaking – Spartan Network – forward this yr in august.
BSN touts itself as a one-stop vacation spot to deploy all blockchain purposes within the cloud. This course of in any other case is sort of time-consuming and dear. The purpose of BSN is to hyperlink completely different blockchains collectively and thus assist companies deploy this know-how at their simply.
Quite a few large economies have been leaping into this revolutionary blockchain know-how. While blockchain know-how turned well-liked due to Bitcoin and different cryptocurrencies, they’ve a variety of purposes.
However, BSN’s blockchain networks gained’t be working with cryptocurrencies since China has issued an outright ban on them. Proponents of blockchain tech say that BSN will pace up the method of onboarding companies to the blockchain. BSN has the backing of Chinese President Xi Jinping, personally.
The Spartan Network will contain half a dozen of public blockchains that don’t function with digital property. One of them shall be a non-crypto model of Ethereum. However, the blockchain transaction charges shall be paid in U.S. Dollars as an alternative of Ether (ETH). Red Date CEO Yifan He said:
“The purpose of this is to drop the cost to use public chains to very minimal so that more traditional IT [information technology] systems and business systems can use public chains as part of their systems”.
The China Link
One of the most important challenges with BSN’s abroad enlargement shall be that the undertaking originates from China. Speaking about it, Yifan mentioned:
“People will say BSN is from China, it is dangerous. Let me emphasize, BSN Spartan will be open source … we will not access anything from our end. That is why we are working with other major public chain protocols to convince them the mainstream is non-crypto public chains.”
Also, he added that not having cryptocurrencies may very well be a serious problem for BSN. Yifan provides that BSN Spartan Network shall be “difficult to push in the first or second year because most people in the blockchain industry only understand crypto.”
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