https://www.forex-news.com/
Forex-News has been the world leading economy news website since 2005. It has been a joyful path full of changing variables in this changing world. During the last three years we have also covered some of the most important news regarding Bitcoin and other cryptocurrencies. Wherever the news are, we are there.
Bitcoin
$11,562.14
+405.32
Ethereum
$399.34
+11.33
Litecoin
$59.21
+1.7
DigitalCash
$88.80
+2.13
Monero
$88.63
+2.02
Nxt
$0.01
-0
Ethereum Classic
$7.22
+0.12
Dogecoin
$0.00
-0

China tries to take leadership of Blockchain BSN

4


For starters, a Blockchain infrastructure project (BSN), backed by China, aims to be the service provider for decentralized applications (dApps).

The project, called the Blockchain-based Service Network (BSN), is expanding globally. As is known, BSN is a Blockchain project, sanctioned by the Chinese state, but the network is supported by American technology companies.

Importantly, Amazon Web Services (AWS), Microsoft and Google are among the top service providers.

The BSN Development Association

The BSN Development Association is run by the China State Information Center (SIC), a public institution under the National Development and Reform Commission (NDRC).

In addition, China Mobile and China UnionPay are also involved in building the network.

China tries to take the lead

In this regard, Facebook CEO Mark Zuckerberg indicated:

“China is building their own version of the Internet focused on very different ideas, and they are exporting their vision to other countries.”

In these circumstances, Paul Triolo, head of geotechnology at the Eurasia Group, said: “China is trying to take the lead on Blockchain. That may end up putting this BSN project even more in the spotlight of technological competition between the United States and China.

It should be made quite clear that the tension between the United States and China reached a peak earlier this month, when the United States closed the Chinese consulate in Houston, while China did the same at the American consulate in Chengdu in retaliation.

Consider banning the TikTok app

Importantly, the Trump administration is considering banning the Chinese social media app TikTok. In fact, Congress approved $ 1 billion for rural telecommunications operators to abandon Huawei services.

Limit tech companies

One way to limit Chinese tech companies to grow and develop global services is to pressure their suppliers to cut ties with them.

Incidentally, the United States banned Huawei’s main supplier, Taiwan Semiconductor Manufacturing Company (TSMC), from using American tools to make chips if it produces any product for Huawei.

Currently, BSN could end up in a similar situation, given the prominence of American companies, as hosts of their data centers abroad.

Basically 90% of BSN’s national data centers are provided by the telecommunications company China Mobile. According to AWN, most of the overseas data centers will be provided by Amazon AWS.

In addition, the network has two data centers hosted by AWS in China. It also has a Tokyo-based Google Cloud data center, one from Microsoft in Johannesburg and two from AWS in Paris and California.

It should be noted that dApps developers can access BSN services more quickly and easily. Mainly, if they use a data center that is physically close to them.

That is why data centers abroad are crucial, in terms of providing Internet services for the global Blockchain community.

The global expansion of BSN

So far, BSN’s global expansion has not met the challenges of US regulators, perhaps because it is relatively new.

Because of this, Paul Triolo said:

“Part of the reason why BSN has not faced the challenges of policy makers in the United States is that Blockchain technology is not well understood.”

I end with this phrase from an anonymous author: “Blockchain has no borders, just like imagination



Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More