The Donald Trump administration has signed an order banning the use of WeChat, a Chinese social media and digital payment app, while BSN has just integrated 6 new blockchains into its network, including Ethereum.
For several years now, China has been on track to become the world's leading technology leader, devising plans and strategies to boost economic, commercial and financial development within the nation and then extend it globally.
With the Blockchain Service Network (BSN), led by the government entity State Information Center, the Asian giant seeks to establish the network blockchain largest in the world, which will also serve as the basis for the launch of its digital currency CBDC, one that aims to fight against the current dominance of the dollar. BSN is a blockchain platform intended for commercial use so that companies, businesses and other organizations in the financial sector can interact with each other easily, safely and efficiently; and although it is based on blockchain technology, BSN is a centralized platform that is completely under the control of the Chinese government, both its Asian version and its English version.
In addition to BSN, China also has WeChat, the nation's largest social engagement platform that also integrates a digital payments app known as WeChat Pay, both owned by the company Tencent Holdings Ltd., a multinational company that provides products, services and advertising for the Internet and has millions of users around the world. Due to the rapid expansion and acceptance of this social network, the government of Donald Trump signed an executive order completely banning the use of this application within US soil, claiming that the capture of WeChat data violates the sovereignty and interests of the nation.
Now, new measures implemented by the US government may have a negative impact on China's ambitions to lead international trade and balance global governance and geopolitics through its blockchain-based service network.
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China's ambitions in geopolitics and international trade
First, through the Blockchain Service Network (BSN), China seeks to address the problems associated with the high costs of developing and deploying decentralized applications, the interoperability of such applications, and the overall development and adaptation of the technology in society. The BSN is a network designed to build an internet of blockchains where millions of decentralized applications can be deployed (dApps) permissioned or permissionless and at very low costs. An internet of interoperable blockchains that enables the creation of blockchain environments and resources for application developers, accelerating innovation and mass acceptance of the technology worldwide.
But, in addition to BSN, China is also developing other emerging technologies and applications to ensure its positioning as a technological leader and provider of global business infrastructures and blockchains. The Asian giant is implementing other technologies such as Artificial Intelligence (AI) and 5G networks, which were recently prohibited in the United Kingdom, which has decreed its gradual elimination by 2027.
Governments' fears about technology and applications developed in China are based on the possibility of involving sensitive data and information in communication and information transmission networks. For example, applications that use peer-to-peer (p2p) networks, such as those included in blockchain networks, can facilitate the transmission of confidential files and industrial espionage; which is why governments can justify banning these technologies when they come from other countries, especially China, which is recognized as a world power.
Meanwhile, the US ban on Tencent Holdings Ltd.'s WeChat and WeChat Pay apps, as well as the ban on the Chinese-owned TikTok social network, may affect China's BSN development plans. The current US President, Donald Trump, is widely known for his concerns about the security and sovereignty of his nation, so a ban on the use of China's Blockchain Services Network (BSN) within US territory may be in the works. Moreover, it should not be forgotten that several of the companies associated with the development of BSN are strong competitors of US services, such as UnionPay, the Chinese counterpart of the giants Visa and MasterCard.
Integrating blockchains into BSN services
Officially, this Monday, August 10, the blockchains of Ethereum, EOS, NEO, tezos, IRISnet y nervös to the BSN network. The integration of these 6 blockchain networks will allow users around the world to access blockchain technology more easily and economically.
Also, a publication BSN development team official reports that every month between 3 to 5 new blockchains will be integrated into the BSN network, with the goal of turning this network into the “internet of blockchains”, where all users can interact with the millions of applications that will be available through this platform.
The new integrations will allow the integration of chain-specific functions for the development and launch of applications, such as EOS Dapps, ETH Dfuse, among others. Likewise, the community of developers who join the BSN network will have access to the BSN Interchain Communications Hub, which will be an important part of the network nodes. The Hub will have interoperability and oracle functions to facilitate the interaction of nodes with each other. It is expected that by September of this year, developers will be able to give the first demonstration of the BSN Interchain Communications Hub.
With the integration of new blockchains, BSN will offer 3 main services, only 2 of which will be available in China due to the country's current regulations. BSN will support permissionless services, permissioned services, and cross-chain services. Permissionless services will only be supported outside the Asian nation and on nodes located in international public cities.
Continue reading: Implementations and development of blockchain technology around the world
