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As Beijing continues its digital ledger push, the Chinese state-backed blockchain business plans to expand internationally.
With an international version of the platform, the Blockchain-based Service Network (BSN) plans to expand outside China.
Launch with project BSN Spartan Network
The BSN is a “one-stop-shop” for companies that want to install blockchains in the cloud without having to build their own networks from start. According to company CEO Yifan He, the company plans to launch a project named BSN Spartan Network in other countries later this year.
Due to Beijing’s strong attitude and removal from the People’s Republic, the BSN does not work with cryptocurrencies. BSN has over 25,000 developers and 3,000 apps and maintains 28 blockchain frameworks and 19 portals.
In January, it was reported that it was working on a central bank digital currency (CBDC) system.
Concerns about privacy
According to the source, the Spartan Network would consist of roughly six public blockchains that do not employ cryptocurrency.
One of them will be a decentralized Ethereum with network costs paid in dollars rather than the blockchain’s native currency.
Yifan The project’s purpose, he continued, is to minimize the cost of utilizing public chains to a minimum. He explained that this would enable more traditional IT systems and businesses to integrate public chains into their systems.
However, because the firm is sponsored by the State Information Center (SIC), which is part of China’s all-seeing National Development and Reform Commission, this may not be enough (NDRC).
The NDRC is a macroeconomic management body in charge of the Chinese economy’s administrative and planning functions. There are also serious worries that China’s digital yuan will be utilized as a surveillance tool.
He acknowledged that BSN’s Chinese heritage is a “big barrier,” but added that the Spartan Network would be open-source from the start when it launches in August.
Third-party security firms will be able to review the code to guarantee there are no backdoors for the Chinese government. It’s unclear whether this would satisfy Western businesses, which are already wary of doing business with the Beijing leadership.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
