BSN Is Considering Expanding Beyond China

As Beijing-China continues its digital ledger push, the Chinese state-backed blockchain business plans to expand internationally. The BSN is a “one-stop-shop” for companies that want to install blockchains in the cloud without building their networks.

According to company CEO Yifan He, the company plans to launch a BSN Spartan Network project in other countries later this year.

Due to Beijing’s firm stance and expulsion from the People’s Republic, the BSN does not work with cryptocurrencies. BSN has over 25,000 developers and 3,000 apps and operates 28 blockchain frameworks and 19 portals. It was said to be working on a central bank digital currency (CBDC) system in January.

Is There a Global Chinese Blockchain Network?

According to the source, the Spartan Network will consist of roughly six public blockchains that do not employ cryptocurrency. One of them will be a decentralised Ethereum with network costs paid in dollars rather than the blockchain’s native currency.

Yifan He went on to say that the project’s goal is to keep the cost of using public chains to a bare minimum. He noted that this would allow more traditional IT systems and enterprises to incorporate public chains into their systems.

Concerns About State Surveillance in China

However, because the company is sponsored by the State Information Centre (SIC), part of China’s all-seeing National Development and Reform Commission, this may not be enough (NDRC). The NDRC is a macroeconomic management agency in charge of the Chinese economy’s administrative and planning functions. There are also serious concerns that China’s digital yuan will be used as a surveillance tool. Third-party security firms will be able to inspect the code to guarantee there are no backdoors for the Chinese government. It’s unclear whether this will satisfy Western businesses, which are already wary of doing business with the Beijing leadership.

Klaytn, the public blockchain of South Korean internet giant Kakao, was reported earlier this month as building an open-permissioned blockchain for BSN. The “Chongqing Chain,” as it is known, will run on the network internally. However, it is unclear whether it will be part of the Spartan Network.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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