Key Highlights:
- Confirmed by its CEO, Blockchain-based Service Network (BSN) is stepping towards its first major international expansion.
- Yifan He has confirmed that BSN is indeed planning to launch the project called BSN Spartan Network internationally in August.
- A non-crypto version of the Ethereum blockchain will be the first to be launched with the project in August.
Beijing has always prioritized technology. Contributing to this mission, China’s state-backed, Blockchain-based Service Network (BSN) is stepping towards its first major international expansion. The same was confirmed by its CEO. BSN is a one-stop shop for the deployment of blockchain applications in the cloud, which is otherwise a costly and time-consuming process. The aim is to link different blockchains together to help businesses deploy the technology.
Red Date Technology, HQ in Hong Kong, is amongst the founding members of BSN. The CEO of the company, Yifan He has confirmed that BSN is indeed planning to launch the project called BSN Spartan Network internationally in August.
Blockchain and digital currency in China
With the cryptocurrency bitcoin’s popularity, blockchain also came into prominence and the definition has expanded. It now refers to a system that shares ledgers of activity that could be public and available for all to see or private, where only certain participants can use and modify it. Bitcoin is amongst the popular examples of blockchain.
BSN’s blockchain network does not operate with any cryptocurrencies because China has enforced regulations on digital coins. The supporters of blockchain technology have stated that it can reduce the cost and increase the speed of some business processes. Among the supporters, Xi Jinping, China’s President has also personally endorsed the technology raising it to a national priority.
Future of BSN
Amid the rising popularity of blockchain, the international plan will be a major push for BSN. The Spartan Network aims to make half a dozen public blockchains that don’t operate with cryptocurrencies. A non-crypto version of the Ethereum blockchain will be the first to be launched with the project in August.
Usually, blockchain transactions cost money, however, through this the fee will be paid in U.S. dollars rather than ether—Ethereum’s related cryptocurrency. Yifan He shared, “The purpose of this is to drop the cost to use public chains to very minimal so that more traditional IT systems and business systems can use public chains as part of their systems.”
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