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China’s State-Backed Blockchain Goes International

 |  May 23, 2022

China’s state-backed blockchain operator is set for its major international debut, as the Beijing government makes the still-controversial technology one of its priorities against a background of increased turmoil for this fast-growing industry, as reported by CNBC.

China’s state-owned company, the blockchain-based Service Network (BSN), will serve as a “one-stop shop” to enable blockchain applications in the cloud, a process that can be costly and time-consuming for new companies which BSN aims to make this easier.

With its international expansion, the company is believed to be looking forward to linking various blockchains together to aid businesses in deploying the technology and boosting their flexibility online, particularly relating to their

Red Date Technology, a Hong Kong based start-up, is one of the founding members of BSN. The company will soon launch a project called BSN Spartan Network in August, which will be available overseas, according to BSN’s CEO Yifan He.

Bitcoin, the world’s most famous cryptocurrency, helped blockchain reach its popularity, and over time it has expanded into a system of shared ledgers that can be made public and accessible for everyone, or it can be private, where specific members can only use and modify the bitcoin.

It is worth noting that bitcoin is a perfect example of a public blockchain. But the catch is, BSN’s blockchain networks are not working with any existing cryptocurrencies since China has cracked down on digital coins.