Huobi China Among the First Members of State-backed Blockchain Alliance

2 min read
Tony P.
News
The China-based cryptocurrency
exchange Huobi became one of the pioneer members of the state-backed Blockchain Services Network (BSN), a blockchain-based project sponsored by the State Information Center (SIC). According to an announcement made on December 1, 2019, at a conference partially sponsored by the SIC, Huobi exchange joined other players to become the earlier members of the alliance. The BSN has attracted other players such as China UnionPay, telecom giants China Mobile and China Telecom, WeBank, and the China Merchants Bank International. As Xinhua News reported, the BSN aims to create a platform for blockchain infrastructure services, which will connect various blockchain networks, institutions, and regions. China Mobile and China UnionPay developed the platform and according to the report, it’s successfully deployed. Huobi officially launched its China offices in September in Hainan province. A recent report revealed that the region is implementing a sandbox model aimed at testing fintech and blockchain technology, according to the province’s Financial Supervisory Authority president Yang Chen.

The BSN Concept

The BSN was launched on December 1, at a conference partially sponsored by the National Information Center among other organizations. The Internet concept will provide a suitable environment to reduce the development, deployment, operation, and maintenance by a significant margin. It will also minimize the costs of interoperability and the supervision of blockchain applications. Consequently, the platform will promote the rapid development and adoption of blockchain technology. Huobi China and BSN members aim to collaborate on matters relating to blockchain education and training, application solutions, and research. The project aims to facilitate the implementation of blockchain science education and application in several industries. Liu Yunan is the director of the National Information Center. Speaking about the alliance, he said: “Blockchain service network can effectively reduce the threshold of blockchain application and facilitate the rapid promotion and application of blockchain technology.” The blockchain service network will provide China’s smart society and digital economy with a high-quality, customized technical service platform that embraces credible, reliable, and scalable service carriers. Featured Image Source: Good Audience