BSN - China's blockchain ambitions

 The Chinese government-backed BSN blockchain-based service network makes blockchain












Over the years, China has gradually built its own platform to facilitate the implementation of blockchain technology for domestic organizations and businesses. The platform is called a Blockchain-Based Service Network (BSN). Construction has been quiet, unobtrusive, but some important progress has been made.

Blockchain is considered the key technology of this decade. Proponents say it can help bring transparency and speed to processes that are slow and expensive, such as cross-border money transfers. In particular, the application of smart contracts (smart contracts) is expected to be key in areas such as trade finance.

"We think blockchain technology is so powerful that it will change the entire Internet and almost the entire current IT system architecture," said Yifan He, CEO of Red Date Technology - one of the members of the company. BSN, comments.

"Blockchain technology in general is very important to China. Chinese government officials consider the current technologies that businesses apply as a development barrier, so they want to promote the application of blockchain to solve problems. real-world problems," said Paul Triolo, a leader at technology consulting firm Albright Stonebridge.

Red Date Technology, based in Hong Kong, is one of the founding companies behind BSN. The project is also supported by organizations affiliated with the Chinese government, such as the State Information Center (SIC) under the National Development and Reform Commission (NDRC). China Mobile, a state-owned telecommunications company, also supports the project.
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