Few months after launching an ambitious blockchain infrastructure project, China is now in the quest of unifying public and global blockchain networks through its state-backed company Red Date Technology. Nervos is its first customer.
As blockchain technology remains a fast-growing industry capable of initiating the next industrial revolution, China wants to be at the forefront of blockchain technology. A few months ago, China launched the blockchain-based Service Network (BSN) spearheaded by Red Date Technology.
“Initially I thought blockchain, especially distributed ledger technology [DLT], had no commercial value because it was too expensive,” said Yifan He, CEO of Beijing Red Date Technology. “Then I realized we can actually build a multi-framework platform to reduce the cost for everyone.”
Red Date Technology and Blockchain-Based Service Network in China
Yifan led developer team has been able to work on splitting the initial project into two. BSN-China and BSN-International, which happened after disagreements arose around the network’s members deciding to integrate public blockchains into its existing framework.
“In China, there is a clear regulatory restriction on the deployment of public permissionless blockchain networks. Since the BSN is meant to be a global interoperability network, it must comply with these rules in China but also be flexible enough to accommodate other blockchain ecosystems such as public chains internationally,” he stated.
However, he defended the split move by saying that “the solution is to have an independent governing body formed to shepherd the development of the BSN internationally.”
Predictable Win for China in Blockchain Industry
It is reported that Chinese officials are not in favor of integrating or using public blockchains in any way since they cannot be easily controlled by a central body. All said and speculated, China is maneuvering its way to being a blockchain monopoly. This may in the long term be both beneficial and at the same time disastrous for the blockchain at large.
First, it can be viewed as beneficial by the fact that blockchain technology will be accessible and more interoperable globally.
On the other hand, China will become a huge monopoly player in the blockchain industry that was meant to be decentralized in the first place. China’s quest for seeing the goal come true seems to bear fruit with a few months in the making.
Recently, the Blockchain-based Services Network team officially announced the integration of Nervos with its network. However, the integration will go live in August with the launch of BSN’s new International Portal.
“By bringing together the leading blockchain frameworks into one shared gateway, BSN has the potential to drive blockchain development and adoption at a pace and scale we haven’t previously experienced,” said Kevin Wang, co-founder of Nervos. “The integration of permissioned and permissionless blockchains is our vision for the future of Nervos, so we’re thrilled to become the first public chain to integrate with BSN.”
You can find other news from the blockchain industry following the link.
A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”