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BSN blockchain platform from China: features and benefits
The Chinese government is quite loyal to blockchain technology. Back in 2019, the head of the country noted its importance for China’s economic development. At the same time, a new strategy was adopted, thanks to which developments in this area have accelerated. Thus, it became known that China is creating a blockchain platform in 2019, which will simplify the use of technology for companies. At the same time, the country has not announced this project, preferring to keep it in the shadows.
This service network is primarily aimed at businesses that use cloud-based solutions. It will suit both large corporations, such as Amazon, and small firms that operate a private cloud. The BSN platform, developed by Chinese experts, is a universal system for using blockchain applications in the digital cloud. It simplifies deployment and makes it much cheaper since traditionally such a process is quite costly financially and time-consuming.
BSN partners with companies through an existing cloud solution provider. This approach makes it possible to eliminate the installation of a huge number of servers to create blockchain products.
Several developers participated in the creation of the platform, one of which is Red Date Technology. Its head office is located in Hong Kong. In addition, the project is being developed by several government organizations, including the telecommunications corporation China Mobile.
The creators of the BSN platform managed to solve the difficult problem of interoperability. In this service network, different blockchains were able to interact with each other. For example, traditionally if companies use different blockchain applications, they would not be able to work. In this case, applications that are developed using the new platform will be fully functional.
However, it should be taken into account that the BSN does not support cryptocurrency, this is a consequence of the Chinese government’s attitude towards digital money. The authorities consider cryptocurrency activities illegal. According to experts, the platform provides an excellent infrastructure, but it is not designed for any digital money transactions. This means that companies that work with crypto will not fit BSN.
The developers of the blockchain platform are not going to stop at the achieved results and intend to bring the product to the international level. However, analysts doubt that such plans will be realized in the near future. The reason for this is the direct involvement of state organizations and the government as a whole in the project. In addition, the limiting factor for entering new markets may be the lack of integration with cryptocurrency, which is legal in many countries. This fact is especially important in terms of the development of digital money and its distribution in various sectors.