New Silk Road: China’s Blockchain Initiative is in full swing
With the BSN initiative, China aims to take the lead in the digital transformation of the global economy. Now, once again, new partners have been acquired.
The Blockchain Initiative, the Blockchain Service Network (BSN), supported by the Chinese government, introduces support for another set of important blockchain protocols. On November 26, Bsnbase announced via Twitter that it will integrate Polkadot, Oasis and Bityaun into the ecosystem from November 30.
The advantages of this new compatibility are manifold. Polkadot’s block chain protocol was developed to connect several specialised block chains by Bitcoin Union Review to a unified network. Polkadot also enables the processing of numerous transactions on several parallel chains. The bottom line is that this leads to a higher network capacity. As Chinese regulators are heavily scrutinizing decentralized public block chains, this new integration is an opportunity for Polkadot developers to join BSN’s Open Permissioned Blockchain Initiative.
Oasis has made a name for itself with its financial tools specialized in private and scalable solutions. Bityuan is a provider of block chain solutions for Chinese companies. At the beginning of the year BSN had already realised a significant expansion of its network portfolio. Since then, Ethereum, Tezos, Neo, EOSIO and IrisNet have also been part of the BSN ecosystem. The goal of BSN is to provide a centralised block chain framework. This would allow the leading networks to operate together under one roof.
Thanks to BSN, China wants to lead the way
The Blockchain Service Network (BSN) is China’s most ambitious blockchain project. With it, the country plans to take the lead in the digital transformation of the global economy. BSN was originally launched in 2019. The international version of the network was launched in July this year. The international release was intended to give Blockchain developers the opportunity to create and operate decentralised applications and thus contribute to the spread of BSN. However, in order to be able to use and manage their own approved projects on BSN International, the developers were asked to create an account on the official website.
This website also introduces a number of large global technology and block chain companies as BSN partners. Google and Amazon Web Services (AWS) are listed there as providers of cloud services. Hyperledger is listed as an approved block chain provider.