The Blockchain Service Network (BSN) of China will be examining how to approach public blockchains on a global basis. It will do this while also maintaining a network. There are no plans to separate it into different entities, explained a representative of the organization. The BSN has set up a variety of groups in order to have one look at public blockchains and another to develop public blockchains that can accommodate international marketplaces. They will both have to comply with Chinese laws.
The group looking at international blockchains is called BSN International. Its leader is Red Date Technology. BSN China is the other entity. It is coordinated by the BSN Development Association. The CEO of Red Date Technology is Yifan He. He told an industry publication that the two groups are in progress on the BSN global network. The one for China has already started its project.
He went on to say that each nation in the world has laws and rules around the initiation and use of the internet. Those regulations include privacy, security and the location of data. After the BSN is globalized, it will have to be compliant with all of those policies. All of the BSN activities in each nation or region will have to comply with the local rules and laws. While China has a clear regulatory situation around the deployment of public networks for blockchain that do not require permission, not all nations do. The BSN aims to be a global network, and it has to comply with the Chinese rules while also accommodating the public chains on an international basis that have a different set of rules.
He added that China's BSN will facilitate a growing internet paradigm as the foundation of blockchain. It strives to connect all of the private and public frameworks that already exist. Although BSN International maintains an independent governing board that is separate from the controllers of the rest of the country's network, this does not mean that it no longer has any relationship with the BSN of China. This situation is evolving, and interested parties should watch.