China’s state-backed blockchain company will launch major overseas project

China’s blockchain-based services network (BSN) is planning a major international expansion project in August.

Yuichiro Chino | Moment | beautiful pictures

The company’s CEO told CNBC the Chinese state-backed blockchain company is planning its first international expansion as Beijing continues to prioritize the technology.

Blockchain-based service network (BSN) Bill yourself as a “one-stop shop” for deploying blockchain applications in the cloud, a process that can be expensive and time consuming. It aims to link different blockchains together to help businesses deploy the technology.

Hong Kong-based startup Red Date Technology is one of the founding members of BSN. The company’s CEO Yifan He told CNBC that BSN is planning to launch a project called BSN Spartan Network overseas in August.

Blockchain comes to prominence with cryptocurrency bitcoin but its definition has since been expanded. It refers to a shared operating ledger system that is either public and available for all to see or private, where only certain participants can use and modify it. . Bitcoin is an example of a public blockchain.

However, BSN blockchain networks do not work with any cryptocurrencies because China has cracked down on cryptocurrencies.

Proponents of blockchain technology say that it can reduce costs and increase the speed of some business processes. President of China Xi Jinping yes personally confirm the technologymake it a national priority.

The international plan will be a big boost for BSN.

The Spartan network will eventually be made up of half a dozen public blockchains that don’t work with cryptocurrencies. One of them will be a non-crypto version of Ethereum blockchain when the project launches in August.

Transactions on the blockchain usually incur fees. But he said that fees will be paid in US dollars and not the Ethereum-related cryptocurrency called ether.

“The purpose of this is to reduce the cost of using the public chain to a very low level so that IT is more traditional [information technology] Business systems and systems can use public chains as part of their systems,” he said.

People will say BSN is from China, it’s dangerous. Let me stress, BSN Spartan will be open source… we won’t be accessing anything from our own ends.

Yifan He

CEO, Blockchain-based Service Network

“That’s why we’re working with other major public chain protocols to convince them that the mainstream is non-crypto public chain.”

The CEO of Red Date Technology admits that not having crypto as part of the company’s product offering is a challenge. He said the BSN Spartan Network will be “difficult to push in the first or second year because most people in the blockchain industry only understand crypto.”

‘Big challenge’ due to association with China

BSN will likely face scrutiny overseas due to its links to the Chinese government. The company is supported by the State Information Center (SIC) of China’s powerful National Development and Reform Commission (NDRC). Chinese phonea state-owned telecommunications company, is also behind the project.

He said BSN’s Chinese background was a “big challenge” as it expanded internationally.

“That’s why when we launch in August, we’re going to go open source right away, and we’re working with a lot of Western companies,” he said.

“People will say BSN is from China, that’s dangerous. Let me stress, BSN Spartan will be open source…we won’t be accessing anything from our own ends.”

He also said users will be able to check the code behind the project to make sure there is no Chinese government backdoor access.

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