Blockchain News
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China has been quietly building a blockchain platform.
Chinese President Xi Jinping has declared that his country needs to “seize the opportunities” presented by blockchain technology.
In a speech in 2019, the Chinese leader said blockchain was an “important breakthrough in independent innovation of core technologies.” As a result of that speech, blockchain was elevated to a national priority for China, among other technologies — such as semiconductors — that the country is trying to boost its capabilities in.
Since then, without much publicity and fanfare, China has been building a platform that aims to facilitate the deployment of blockchain technology for companies. It’s called Blockchain-based Service Network (BSN).
BSN bills itself as a “one-stop shop” to deploy these blockchain applications in the cloud, a process that could otherwise be costly and time consuming.The Chinese firm’s other selling point is that it is trying to solve a difficult problem in the industry: interoperability — or making different blockchains work with each other. For example, if two banks both had applications that were built on different blockchain platforms, they may not be able to work with each other. But applications built via BSN infrastructure would be interoperable as the company bridges different blockchains.
Start-up Red Date Technology, which is headquartered in Hong Kong, is one of the founding companies behind BSN.
But the project is also backed by entities with links to the Chinese government. This includes the State Information Center (SIC) under China’s powerful National Development and Reform Commission (NDRC).
China Mobile, a state-owned telecommunications company, is also backing the project.