China has been quietly building a blockchain platform. Heres what we know
Summary
As a result of that speech, blockchain was elevated to a national priority for China, among other technologies — such as semiconductors — that the country is trying to boost its capabilities in. Proponents of the technology say that blockchain can help bring transparency and speed to typically slow and expensive processes, such as cross-border money transfers. The idea is that a business or government can use BSNs platform to easily deploy blockchain applications, without incurring a high cost. Jehan Chu, managing partner at Hong Kong-based Kenetic, a venture capital firm and investor in Red Date Technology, told CNBC that governments and large-scale companies dont want or need a cryptocurrency attached to their infrastructure. Chinese tech companies have also placed a lot of emphasis on international expansion, a move supported by Beijing in the context of the global tech battle with the U.S. "The significance of the Blockchain Services Network is that it is an attempt by the Chinese government to support the development of blockchain ecosystems on its own terms, with allowances for regulatory approaches in different jurisdictions," Triolo said.