China’s blockchain-based service network will integrate 40 public chains over the next 12 months

31 Jul, 2020 04:22
source: Singularity Financial

He Yifan, CEO of Red Date Technology, the private company behind the BSN, in an interview with media, told that the network aims to integrate with 30–40 public blockchain networks by June 2021. In the following year, it will further integrate more blockchains to double that number purportedly.

Launched earlier this year, BSN is China’s first government-backed blockchain initiative. It was initially positioned to help small to medium-size businesses and entrepreneurs build and deploy blockchain applications on permissioned blockchains.

China’s BNS launched in April this year already has 6,000 enterprises and individuals on the network. At present, however, the network is planning to integrate around 40 public blockchain networks through its BSN International wing.

While talking about the selection of blockchains, The CEO of Red Date Technology said that they are trying to integrate as many suitable public chains as possible, but definitely not all chains.

“That would not be limitations to high costs and limitation on manpower,” he added. The recently launched government-funded network already has its first batch of six blockchain networks, including Ethereum, EOS, and NEO, that it plans to integrate.

After BSN’s split into BSN-China and BSN-International, the latter has focused more on integrating public blockchains and attracting businesses and individuals from across countries while the former primarily works with permissioned networks to further blockchain innovation in the most populated country. 

The People’s Bank of China is also very close to issuing its national digital currency dubbed as DCEP to the general public. Currently, the digital version of Yuan is being tested in many cities in the country.