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China to receive help with its blockchain infrastructure initiative

China to receive help with its blockchain infrastructure initiative

China to receive help with its blockchain infrastructure initiative
June 24
11:50 2020

After facing difficulties, China’s national blockchain initiative partnered with two companies to overcome challenges associated with blockchain technology, as reported by CoinDesk. The national Blockchain-Based Service Network (BSN) will receive help from such companies as SmartContract (Chainlink network) and Iris Foundation Ltd. (Cosmos network integration).

SmartContract was brought on board to help with sourcing real-world information, while the other firm will assist with making sure that all systems of the blockchain network work together. Now BSN will be able to receive data from outside actors, such as information about transactions of Chinese companies.

The main objective of BSN is to create a blockchain infrastructure that will provide accessible and affordable services not only for Chinese users but for users from all over the world. Since the company is supported by the government, their objective seems very possible to be realized as expected.

The firm’s cross-chain services are supposed to be revealed in September this year. At the moment, BSN is looking to expand its interchain service hub by establishing partnerships with cross-chain tech companies. China’s initiative aims to transform the world economy with the power of blockchain technology.

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