President Xi Jinping of China has stated that his country must “take advantage of the prospects” given by blockchain technology.
In a speech in 2019, Chinese President Xi Jinping described blockchain as a “major breakthrough in independent core technology innovation.” As a result of that speech, China has elevated blockchain to a national priority, among other technologies like semiconductors, in which the country is attempting to improve its skills.
China has been quietly developing a framework to make blockchain technology deployment easier for businesses since then, with little fanfare. Blockchain-based Service Network is its name (BSN).
The underlying technology of the cryptocurrency bitcoin propelled blockchain to popularity. It’s a distributed ledger of activity that keeps track of bitcoin transactions.
It is decentralized, with no single owner or operator. Instead, a network of individuals using specialized computers maintains it.
Since then, several various interpretations of what a blockchain could be have emerged. Distributed ledger technology is a term used by some businesses and governments. The public or private nature of the blockchain determines a lot of this.
We believe blockchain technology has great potential.
Permission less blockchains, also known as trustless or public blockchains, allow anyone with the right software or equipment to join and potentially make changes to the blockchain.
Permissioned blockchains, on the other hand, are usually private and only allow certain people to use them.
Blockchain proponents claim that the technology can help bring transparency and speed to procedures that are traditionally cumbersome and expensive, such as cross-border money transactions.
Smart contracts are another key feature of blockchain technology. These are code-based contracts that automatically run when certain criteria are met. These, according to proponents, are critical in sectors like trade finance.
“We believe blockchain technology is so powerful that it will revolutionize the entire internet and practically every IT system architecture,” Red Date Technology CEO Yihan
“Blockchain technology in general is very important for China,” Paul Triolo, the technology policy lead at consulting firm Albright Stonebridge, told CNBC. “Government officials see it as a low barrier to entry technology sector, and they want Chinese companies to push the envelope on using blockchain applications to solve real-world problems.”
BSN’s solution is geared for businesses that run cloud computing infrastructure, in particular. It could be a huge public cloud provider such as Amazon or Microsoft, or a company with its own private cloud or intranet.
BSN bills itself as a “one-stop shop” for deploying block chain applications on the cloud, which could be costly and time-consuming otherwise.
Another selling point for the Chinese company is that it is attempting to tackle a challenging challenge in the industry: interoperability, or the ability of multiple block chains to communicate with one another. If two banks, for example, had applications built on distinct block chain platforms, they might not be able to collaborate. However, apps developed on the BSN infrastructure would be more secure.
However, one important aspect of BSN is that it does not create its own block chain.
BSN’s platform is devoid of any crypto currency. This is because China has effectively prohibited and rendered illegal crypto currency-related operations.
Governments and large-scale enterprises do not want or need a crypto currency tied to their infrastructure, according to Jehan Chu, managing partner of Hong Kong-based Kinetic, a venture capital firm and investor in Red Date Technology.
“This is where non-crypto use cases come into play, and BSN provides a compelling foundation,” Chu explained.
Large corporations who do not want to be exposed to the dangerous and unpredictable nature of digital currency may find non-crypto block chains interesting.
The United States and China have been locked in a digital war for the past few years.
China has prioritized “frontier” technologies such as quantum computing and semiconductors. Another important aspect is block chain.
In the global digital rivalry with the United States, Chinese tech companies have also placed a strong emphasis on overseas expansion, a strategy backed by Beijing.
“The Block chain Services Network is significant because it is an attempt by the Chinese government to foster the growth of block chain ecosystems on its own terms, with provisions for regulatory approaches in other countries,” Triolo explained.
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