China has been quietly building a blockchain platform. Here’s what we know
PUBLISHED SUN, MAY 15 20228:37 PM EDT
- In a speech in 2019, the Chinese leader said blockchain was an “important breakthrough in independent innovation of core technologies.”
- Since then, China has quietly been building a platform that aims to facilitate the deployment of blockchain technology for enterprises. It is called Blockchain-based Service Network (BSN).
- BSN, which has links to the Chinese government, is aiming to go global but could face challenges.
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What can China’s BSN do?
BSN’s product is aimed at companies, in particular, those operating cloud computing infrastructure. That could be a large public cloud player like Amazon or Microsoft, or it could be a firm that runs its own private cloud or intranet.
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.
For companies that want to use several blockchain applications in their organization, BSN’s product would allow them to do that via the cloud vendor they use rather than installing a bunch of new servers to build a blockchain product. The idea is that a business or government can use BSN’s platform to easily deploy blockchain applications, without incurring a high cost.
The demand now is low, according to Red Date’s He, but he is bullish on the long-term future of the product.
“I believe in 10 years all clouds will have a standard blockchain environment to handle all blockchain-related applications,” the CEO said.
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Despite not being tied to a crypto, big "tick tock" for the USD. More like ding-dong. This is very much as I had expected. The timeline has been shortened due to the conflict with Russia and China. |
