China’s blockchain firm BSN set to launch its first international project

China’s blockchain firm BSN set to launch its first international project

The Chinese state-backed blockchain-based service network (BSN) is looking forward to its first prominent international expansion, as Beijing continues to take technology as a matter of top priority.

BSN Network has solidified itself as a single window for placing blockchain applications in the cloud, a procedure that can be otherwise expensive and time taking. The aim is to bring different blockchains together to assist businesses set up the technology.

Furthermore, Ifan Hay, CEO of BSN, said that the company plans to launch a project abroad in August 2022. The project is named BSN Spartan Network.

Xi Jinping, the Chinese President, has personally endorsed blockchain technology, extending it as national priority.

Blockchain cryptocurrency has dominated the market with bitcoin which is a public blockchain where participants have access to activity ledger. However, the blockchain network of BSN does not work with any cryptocurrency blockchain because the Chinese government has cracked down on digital coins.

The BSN Spartan Network will be comprised of nearly six public blockchains that will not work with cryptocurrencies. One of these blockchains will be a non-crypto kind of the Ethereum (ETH) blockchain when the project will launch in August.

Blockchain transactions generally cost money. But CEO Ifan stated that the charges would be paid in ether-related cryptocurrency. He further said that the aim is to minimize the cost of blockchain transactions so that more conventional IT Systems and businesses can utilize public chains as part of their systems.

The CEO of Red Debt Technology says that not including cryptocurrency in the company’s product offering is a challenge as most people in the blockchain industry only acknowledge and understand crypto.

However, to assure the users Ifan claimed that BSN Spartan will be an open-source and the company will not access anything from its end.

He further added that users would be able to verify the code behind the project to ensure that there is no backdoor access for the Chinese government.

Source Credit: https://tanmoyworld.com/2022/05/22/chinas-state-backed-blockchain-company-is-set-to-launch-its-first-major-international-project/