China BSN


China is now glaring to capitalize on the international market with pressure on its state-backed blockchain firm, Blockchain Services Network (BSN). Red Date Technology based in Hong Kong is one of the founding leaders of BSN. Red Date CEO Yifan while speaking to CNBC said that the company is looking to unveil its first overseas blockchain project, Spartan Network, later this year in August.

BSN lauds itself as a one-stop destination to distribute all blockchain applications in the cloud. This procedure is quite time-consuming and expensive. The aim of BSN is to link various blockchains together and help businesses distribute this technology with ease.

RELATED: BSN Inventor Red Date will launch NFT infrastructure in China

A number of major economies have been jumping into this revolutionary blockchain technology. While blockchain technology became prominent because of cryptocurrency and Bitcoin, they have a wide variety of applications.

Nevertheless, BSN’s blockchain networks won’t be working with cryptocurrencies since China has published an absolute ban on them. Advocates of blockchain technology say that BSN will spike up the procedure of boarding businesses to the blockchain. BSN has the support of Chinese President Xi Jinping.

The Spartan network will include half a dozen public blockchains that do not work with digital assets. One of them will be a non-crypto version of Ethereum. Although, the blockchain transaction fees will be paid in US Dollars in place of Ether (ETH). According to Red Date CEO,”The purpose of this is to drop the cost to use public chains to very minimal so that more traditional IT [information technology] systems and business systems can use public chains as part of their systems”.

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