China’s Blockchain Service Network to Roll Out its First Overseas Project May 23, 2022 May 23, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 23, 2022 by Kelly Cromley

China’s Blockchain Service Network to Roll Out its First Overseas Project

According to the CEO of the Chinese government-backed blockchain firm Blockchain-Based Service Network (BSN), as Beijing promotes blockchain technology, the company is now in the planning process of its first big global expansion. Blockchain-based Service Network (BSN) promotes itself as a “one-stop superstore” for the deployment of cloud-based blockchain apps, which is a procedure that would otherwise be laborious and potentially expensive. Its purpose is to facilitate the deployment of blockchain technology by enterprises by connecting several blockchains worldwide.

Among the first companies to join BSN was a young company called Red Date Technology, which has its headquarters in Hong Kong. Yifan He, the CEO of the firm, said to CNBC that August is the target month for the rollout of a project titled BSN Spartan Network in international markets.

Blockchain first gained widespread attention in connection with the cryptocurrency bitcoin, but its meaning has since broadened. It is a network of shared ledgers of transactions, which may be open to the general public and accessible to everyone, or it may be kept private so that only specific people may access it, utilize it, and make changes to it. One illustration of a popular public blockchain is the cryptocurrency Bitcoin.

The BSN blockchain networks, on the other hand, do not make use of any cryptocurrencies since China has instituted strict regulations on digital currency. Those who are in favor of blockchain technology argue that it has the potential to make certain corporate procedures more efficient while also lowering their associated costs. The development of this technology has been elevated to the status of a national issue thanks to the explicit endorsement by Chinese President Xi Jinping.

BSN is going to put a significant amount of effort into its worldwide goal. At some point in the future, the Spartan Network will be composed of a half dozen public blockchains that don’t use cryptocurrency as their primary means of transaction. When the venture is finally released in August, one of them will be a variant of the Ethereum blockchain that does not include cryptography. Transactions on a blockchain almost always incur a fee. However, he stated that the charge would be reimbursed in US dollars as opposed to ether, which is a native cryptocurrency of the Ethereum blockchain.

He stated, “The goal of this is to bring the cost of using public chains down to an extremely low level, making it possible for more conventional information technology (IT) solutions and commercial systems to include public chains as an integral component of their infrastructure.”

Yifan He, CEO, BLOCKCHAIN-BASED SERVICE NETWORK “Some people would suggest that since BSN comes from China, it is unsafe. Permit me to clarify that BSN Spartan will be an open-source project. Nothing will be accessible to us from our side of the connection.”

“Because of this, we are collaborating with some other key public chain covenants in order to persuade them that non-crypto public networks are where the industry is headed.”

The Chief Executive Officer of Red Date Technology acknowledged that it is difficult for the firm to not include cryptocurrencies as a portion of its solutions. It will be “tough to promote” BSN Spartan Network in the debut or second year, according to what he stated, since the majority of individuals working in the blockchain business only comprehend crypto.

Because of its ties to the Chinese government, BSN is likely to come under investigation in other countries. The firm has the support of the State Information Center (SIC), which is part of the National Development and Reform Commission in China (NDRC). In addition, China Mobile, a telecom business that is government-owned, is supporting this endeavor. He stated that the Chinese heritage of BSN presents a “major difficulty” when the company extends operations in other countries.

He stated “Because of this, when we debut in August, we will instantly make our software open source, and we are collaborating with a large number of western businesses. Some people would suggest that since BSN comes from China, it is unsafe. Permit me to clarify that BSN Spartan will be an open-source project, and that from our side, we will just not be able to have access to anything.”

He also stated that people would have the ability to view the code that underpins the venture in order to guarantee that the Chinese government will not have any secret entry points.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.