China’s Blockchain Service Network Reportedly Integrating Ethereum
China’s state-sponsored Blockchain Service Network (BSN) is reportedly moving to start integrating with public blockchains such as Ethereum and Nervos Network.
News of these potential integrations come just a week after news broke about the BSN utilizing Chainlink Oracles to increase the speed and security of transactions taking place on-chain.
This news seems to bode well for the blockchains and projects involved, and one venture capitalist believes that it will help advance the Chinese crypto sector – which has previously been strangled by regulations.
China’s BSN is a national blockchain that is backed by the country’s State Information Center, China Mobile, UnionPay, and others. It now appears that the BSN is moving to integrate decentralized and public blockchains into their network, including Ethereum and Nervos.
This is Likely the First Step Towards China Opening Up to Crypto.
Although this may help direct some further utility to Ethereum, it is unlikely that this will provide the crypto with any overt strength. This news does appear to be significant for the crypto industry as a whole.
It is expected that BSN’s support for public blockchains will help China accelerate innovation within crypto. Embracing true decentralization is the inevitable next step.