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China’s state-backed blockchain firm to launch major overseas project


China’s Blockchain based Service Network (BSN), is planning a significant international expansion project for August.

Yuichiro Chino | Moment | Getty Images

China’s blockchain-backed state company plans its first international expansion. This comes as Beijing keeps the technology top of its priority list.

Blockchain-based Service Network (BSN)It claims to be a one-stop shop for blockchain application deployments in the cloud. This is a service that can save you time and money. This platform aims at linking different blockchains together in order to assist businesses with the deployment of this technology.

Red Date Technology, a Hong Kong-based start-up is among the founders of BSN. Yifan He, the CEO of Red Date Technology in Hong Kong, told CNBC that BSN plans to launch an overseas project called BSN Spartan Network.

Blockchain is now a prominent part of cryptocurrency bitcoinBut its meaning has been expanded. This refers to an activity-sharing system that can be open to all or only certain people. Bitcoin is an example public blockchain.

However, BSN’s Blockchain Networks do not work with any cryptocurrency. China has cracked down on digital coins.

The blockchain tech advocates claim it will reduce costs and improve the speed of business processes. Chinese President Xi JinpingIt has personally endorsed the technologyThis will make it a national priority.

BSN will push the international plan to a significant extent.

Spartan Network eventually will be comprised of half a dozen publicly available blockchains which do not use cryptocurrencies. One of these will be the non-crypto version. EthereumWhen the project launches, blockchain will be used

Transactions using blockchain usually involve a fee. However, he stated that it will be in U.S. Dollars rather than Ethereum’s associated cryptocurrency, ether.

“This is to lower the costs of public chain usage to a minimum so more traditional IT can still be afforded.” [information technology]Systeme and business systems could use public chain as part of their system,” he stated.

BSN will be called dangerous by people who claim it’s from China. Let me emphasize, BSN Spartan will be open source … we will not access anything from our end.

Yifan He

Blockchain-based Service Network CEO

We are working together with major protocols of public chains to persuade them that the main stream is not crypto public chains.

Red Date Technology CEO, Red Date Technology acknowledged the difficulty of not including cryptocurrencies within their product portfolio. BSN Spartan Network, according to Red Date Technology CEO, will not be possible in the first year or second because the majority of people working in blockchain understand only crypto.

China-linked links pose a ‘Huge Challenge’

BSN may be under investigation abroad because of its connections to the Chinese government. It is backed in part by China’s State Information Center (SIC), which falls under the control of China’s strong National Development and Reform Commission. China MobileThe project was also supported by a state-owned telecommunications firm, called.

He indicated that BSN’s Chinese roots are a major challenge as the company expands globally.

He stated, “That’s why we launch an August launch we will open source immediately. We are also working with many western companies.”

BSN will be referred to as “from China” by people. This is dangerous. Let me emphasize, BSN Spartan will be open source … we will not access anything from our end.”

He said that users would be able inspect the source code of the project in order to verify there is no access to the Chinese government’s backdoors.