• BSN, China’s state-backed blockchain firm, is set to expand internationally

  • With a push to its state-backed blockchain enterprise, Blockchain Services Network, China is now looking to enter the international market (BSN). Red Date Technology, situated in Hong Kong, is a founding member of BSN. Red Date CEO Yifan He said that the company plans to launch its first foreign blockchain project, Spartan Network, this year in August.

    BSN bills itself as a one-stop shop for cloud-based blockchain application deployment. Otherwise, this procedure is both time-consuming and costly. The purpose of BSN is to connect different blockchains and thus make it easier for enterprises to implement this technology.

    Several major economies have jumped into this groundbreaking blockchain technology. While blockchain technology sprang to prominence as a result of Bitcoin and other cryptocurrencies, it has a wide range of uses.

    However, because cryptocurrencies are illegal in China, BSN’s blockchain networks will not be able to operate. Proponents of blockchain technology claim that BSN will accelerate the process of integrating enterprises into the blockchain. BSN has the personal support of Chinese President Xi Jinping.

    The Spartan Network will consist of a half-dozen public blockchains that do not use digital assets. One of them will be a non-crypto Ethereum version. However, blockchain transaction costs will be paid in US dollars rather than Ether (ETH). Yifan He, CEO of Red Date 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 Connection

    One of the most difficult aspects of BSN’s international development will be that the project originated in China. Yifan had this to say about it:

    He also mentioned that the lack of cryptocurrency could be a significant barrier for BSN. Yifan adds that BSN Spartan Network will be “difficult to push in the first or second year because most people in the blockchain industry only understand crypto.”

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