Blockchain-based Service Network (BSN), which is backed by the Chinese government, is very much keen to foray into the international market. The BSN allows customers to deploy blockchains into the cloud without having to develop their own networks.
Yifan He, the BSN CEO, revealed that the firm plans to launch a project called BSN Spartan Network later this year. The company operates 28 blockchain frameworks and 19 portals. It has more than 25,000 developers and 3,000 apps. BSN was working on a digital currency – CBDC system – in January.
The Chinese company highlighted that Spartan Network, through which it will venture into the foreign market, will be made of six public blockchains that do not use cryptocurrencies. One blockchain will be a version of Ethereum, but disassociated from ETH. The network fees will be paid in dollars rather than the blockchain’s native currency.
Yifan He outlined that the project will reduce the cost to use public chains to very minimal levels. It would enable more traditional IT systems and businesses to use public chains as part of their systems. However, its to be seen whether international companies will draw to the system as China is notorious for state surveillance. But Yifan He brushed off these concerns. He said the system will be open-source and free of state meddling, and surveillance. The executive emphasized that they will not access anything. It should be noted that BSN is backed by the State Information Centre which falls under the shadow of China’s National Development and Reform Commission (NDRC).
As such, Yifan He admitted that this is a huge challenge. But once Spartan Network is launched in August, it will be an open-source right from the beginning.