An insight into ShareRing’s new partner, BSN International, China’s bold initiative to lead blockchain adoption globally.
In this deep dive, we will examine the history of the Blockchain-based Service Network (BSN), including the split into BSN international. We will also be discussing the benefits and solutions BSN provides to developers, businesses, and their users all around the world.
Finally, we will discuss how ShareRing fits into BSN International and the potential benefits to token holders from this monumental partnership.
Why BSN China & International
BSN is part of China’s National Blockchain Strategy which was announced by President Xi Jinping in October 2019. On the 15th of that month, the State Information Center, together with China Mobile, China UnionPay, and other large, state-owned institutions founded China’s Blockchain-based Service Network (BSN) to accelerate blockchain adoption at scale by making it easier and cheaper to access.
In China, the use of public/permissionless blockchain networks is heavily restricted by law. Since the BSN is meant to be a global interoperability network, it must comply with these rules in China, but also be flexible enough to accommodate other blockchain ecosystems of this type internationally.
On July 31st, 2020 BSN announced the split. Red Date Technology worked with the government to create and manage an international branch separated from the domestic BSN to expand its services and reach globally while remaining fully compliant with China’s laws.
Eden Dhaliwal, Global Managing Director at Conflux Network, gave his thoughts on why BSN split in this way and its implications on the Chinese blockchain ecosystem:
“BSN most likely split in order to make the network regulatory compliant, more secure and economically stable, without losing the functionalities of public blockchain networks. (…) This two-tiered ecosystem ensures capital and asset flow across chains and countries without compromising on the trustworthiness of the network.”
According to a press release by BSN in July 2020, the Blockchain-based Service Network is a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain applications.
In simpler terms, BSN seeks to eliminate the existing problems of developing and deploying blockchain applications. Businesses must otherwise face high costs associated with development, deployment, operations, maintenance, and regulation.
So how do they plan to do this? The BSN, similar to the internet, grants developers and technology companies with public resource environments to make this happen. Resulting in an accelerated rate of development of revolutionary blockchain applications worldwide.
On their website, BSN describes themselves as a “one-stop-shop for DApp developers to deploy and manage any permissioned or permissionless blockchain applications.”
According to He Yifan, CEO of Red Date Technology, the private company behind the BSN:
“We build mainnet and testnet nodes of these public chains together to provide Dapp developers an easier and cheaper one-stop access point. With one single gateway and one simple monthly plan, developers can access all public chains on BSN very easily. That lowers the barrier to entry of DApp development and enables more traditional developers to join the crypto industry.”
This means developers can connect with any of the BSN’s Public City Nodes (PCN) located all around the world, to access cloud resources and standards such-as pre-adapted frameworks, storage quantity, and TPS at an extremely low cost and convenience, facilitating development, deployment, and management of any blockchain application. Developers simply upload their smart contracts to the PCNs, everything else is handled by the BSN.
To relate this to ShareRing, as a result of this new initiative from BSN, developers and technology companies around the globe will be able to connect and develop on top of ShareRing’s products and technology, such-as our ShareRing ID, ShareRing Shop, ShareLedger, ShareRing App, and ShareRing Pay.
The Road Ahead for ShareRing and BSN International
What does this mean for ShareRing? Tim Bos explained briefly in our last AMA:
“It means a few things, one is it means it gives us a lot of access to potential partners that we didn’t have access to before. It effectively opens the door for us for a lot of partners such as some banking partners, infrastructure partners, you name it. I mean if you go on their website the list of partners that they’re working with, in terms of commercial partners is huge.
The other thing it does is it gives us access to a larger number of developers or people to work on the ShareRing platform. In terms of building the community and building the development community, you’ll see over the next 6 to 12 months that’s going to be huge.
Lastly, it provides a very secure and low-cost way to host nodes for the ShareLedger network. We’ve already deployed and are operating a few nodes in BSN’s cloud-based virtual datacenters. This isn’t something that’s happening in a week or a month or a year, this is happening now.”
If you have followed ShareRing for a while, you’ll know white-labeling has been a core focus of our technology and products. Partnering with BSN has effectively opened thousands of doors to serving their global audience and customers with our technology.
Tim also mentioned his excitement to work with companies like China’s UnionPay, one of the primary founding companies of BSN, in a recent interview with CoinTelegraph:
“We anticipate our protocols to be widely utilized within fast-growing smart city projects. Furthermore, we are also looking forward to leveraging the relationship with firms such as China Union Pay to gain unprecedented access to their various services within China.”
Who is China UnionPay, and why are they so important?
China UnionPay is the largest card payment organization in the world offering mobile and online payments, based on the total value of payment transactions, ahead of Visa and Mastercard with over 8 billion cards issued.
Operating under the approval of China’s central bank, the PBOC, it is also the only interbank network in China that links all the ATMs of all banks throughout the country.
UnionPay is not only the dominant player in China but also one of the largest in the world. Access to companies like this does not come easy, and we are keen to take advantage of such a rare opportunity.
To conclude, ShareRing’s partnership with BSN International is a milestone to celebrate.
We are joining forces to accomplish the same mission, achieving #MassAdoption. Their strategy, like ours, is to reduce the technical and financial entry-barriers to allow businesses of all sizes to leverage the benefits of cutting-edge blockchain services.
We are thrilled to have their support, and with their “done for you” service, our capacity to onboard new businesses to the ShareLedger network is now magnified.
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