Beijing continues to make the technology a key priority, as the CEO of China's state-backed blockchain company told CNBC that the company is planning its first major international expansion.
The service network claims to be a one-stop shop for the deployment of applications in the cloud. Businesses can use the technology if it is linked together.
Red Date Technology is a start-up in Hong Kong. The company's CEO Yifan He told CNBC that the company is planning to launch a project in August.
Since it came to prominence with the coin, the definition has expanded. It refers to a system of shared ledgers of activity, which can be public and available for all to see, or private, where only certain participants can use and modify it. A public blockchain is an example of this.
China has cracked down on digital coins, so that's why theBlockchain networks don't operate with them.
Proponents of the technology say it can increase the speed of some business processes. The technology has been endorsed by the Chinese President.
The international plan is going to be a big push for BSN.
Half a dozen public blockchains that do not operate with cryptocurrencies will eventually make up the Spartan Network. When the project launches in August, there will be a non-crypto version.
Money is usually involved in the transactions. He said that the fee will be paid in U.S. dollars.
The purpose of this is to drop the cost to use public chains so that more traditional IT systems and business systems can use public chains as part of their systems.
People will say BSN is from China, it is dangerous. Let me emphasize, BSN Spartan will be open source … we will not access anything from our end.
We are working with other major public chain protocols to convince them that the mainstream is non-crypto public chains.
The CEO of Red Date Technology admitted that not having cryptocurrencies in their product offering is a challenge. It will be difficult to push the network in the first or second year because most people in the industry don't understand it.
The Chinese government's links to the BSN will likely cause scrutiny abroad. The company is backed by the State Information Center, which is part of the National Development and Reform Commission. China Mobile is a state-owned company.
As it expands internationally, he said that the Chinese background is a huge challenge.
When we launch in August, we will open source immediately and we are working with a lot of western companies.
People will say that it is dangerous. We will not be able to access anything from our end.
Users will be able to inspect the code behind the project to make sure there is no access to the Chinese government.
All Rights Reserved © 2024
