China’s BSN recently split into two different entities after a slight disagreement about the public chains and the pushback from the state-controlled entities because of the integration of the blockchains as we are reading more in the upcoming Blockchain news today.
China’s BSN or the Blockchain Service Network split into two separate entities after a disagreement about integrating public blockchains. The consortium was founded to promote the advance of blockchain technology in the country and is now splitting into two entities, BSN International and BSN China. BSN China will be headed by one of the previous members of BSN that happens to be the Red Date private company.
One source that was related to the matter, said that the split because of the pushback from its core including the state-owned members on the public chain integrations. The Consortium is led by the State Information Center and the China Mobile communication Corporation and China Union Pay which are all controlled companies. The source noted that the original plan aimed to add five blockchains networks to the Blockchain Service Network including NEO, Ethereum’s ETH, Nervos, and Tezos’s XTZ. They also indicated that this pushback caused many delays and uncertainties about future deployment.
Many Chinese media outlet reports noted that the two entities are going to be independent but five of the BSN-China nodes will be connected to the BSN-International. At the same time, it also notes that these five nods will have to comply with the local laws and regulations. The development indicated that despite Xi’s enthusiasm towards blockchain technology, many elites remain uneasy about the public networks that cannot be censored or controlled.
As previously reported, LINK’s oracle service got integrated by China’s blockchain service network which is made up of some of the leading technology companies. China’s Blockchain Service Network was recently formed by China’s State Information Center, China Unionpay, China Mobile, and Red Date Technologies. The goal of the organization is to create an infrastructure that will cut down the entrance barriers within the blockchain technology sector.
The CEO of Red Date Technology and the co-founder of China’s blockchain Service Network Yifan He explained that his company started initially experimenting with blockchain technology and that he was extremely excited about the many new opportunities and capabilities of the technology but was appalled by how expensive it was.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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