Hong Kong-based firm Red Date Technology is seeking to enter the international market by promoting the government-backed Blockchain Services Network (BSN). CEO Yifan He said the company plans to launch its first overseas blockchain project, the Spartan Network, this August.
BSN positions itself as a one-stop solution for deploying all blockchain applications in the cloud, a process that is otherwise quite time-consuming and costly. BSN’s goal is to link different blockchains together and help enterprises deploy this technology with ease.
However, BSN does not work with cryptocurrencies because China has imposed an outright ban on them. Proponents of blockchain technology say BSN will speed up the process of adapting businesses to blockchain.
The Spartan Network will include a half-dozen public blockchains that do not work with digital assets. One of them will be a non-cryptocurrency version of Ethereum. Transaction fees on the blockchain must be paid in U.S. dollars, not in ether (ETH).
Our goal is to minimize the cost of using public networks so that more traditional IT [information technology] systems and business systems can use public networks as part of their systems,” noted Red Date CEO Yifan He.
One of the biggest challenges in implementing BSN’s international expansion will be its Chinese origins.
People will say BSN is from China, so it’s dangerous. I will emphasize, BSN Spartan is open source…we will not have access on our end.
That’s why we’re working with other big public-chain protocols to convince them that the mainstream is public networks that are not connected to cryptocurrency,” Yifan added.
In addition, he added, the lack of cryptocurrency could also be a serious problem for BSN. In his opinion, “it will be difficult in the first or second year because most people in the blockchain industry don’t see technology without cryptocurrencies.”