China-Backed Blockchain Service Network To Integrate Ethereum
Blockchain Service Network (BSN) is China’s national blockchain backed by the nation’s State Information Center, China Mobile, UnionPay, and others.
Reports have it that BSN, sponsored by the Chinese government, is moving to initiate the integration with public blockchains such as Ethereum and Nervos Network.
This is coming after it was noted last week that BSN is using Chainlink Oracles towards the enhancement of the speed and security of transactions taking place on-chain.
It appears that this new development bodes well for the blockchains and projects involved. In the words of the venture capitalist and a managing partner at Dragonfly Capital, Hasbeeb Qureshi, the integration will assist the cryptocurrency sector in China towards advancement, as it has been strangled by regulations in the past. Qureshi said the confirmed news is a big deal for the blockchains involved:
“I’ve been informed by multiple sources that China’s BSN is going to be integrating with public blockchains, the first of which are [Ethereum] and [Nervos]. This is kind of a big deal.”
People in the blockchain and cryptocurrency space have been talking about the extent of the Chinese government’s involvement in the space. Hence, Qureshi said the integration of public blockchains such as Ethereum is still remarkable:
“To what extent the government is involved in BSN has been a hot topic of debate, but including public blockchains is huge for the Chinese blockchain ecosystem. In case it’s not obvious: openly supporting public blockchains is kind of a taboo within China.”
The supposed integration will increase the usage of Ethereum but it is not certain to strengthen the cryptocurrency. Nonetheless, when the news is considered on a macro basis, it seems remarkable for the entire cryptocurrency space.
The government of China seems to be somewhat distanced from the BSN but both are still strongly connected without doubts. Hence, integrating decentralized and public blockchains could help in accelerating the adoption and acceptance of cryptocurrency in China.