China is State-Backed Open-Source Blockchain technology Enlists Hong Kongs HSBC and Emperor Group
Chinese is state-backed Blockchain Technology Service Network (BSN) has brought on more than ten Hong Kong-based corporations to its new Spartan Network, an open-source blockchain technology infrastructure project, according to a press release.
The service is first customers include Hong Kong-based HSBC, Emperor Group, Lan Kwai Fong Group and Maxim Group. The network is BSN is first major drive to gain users out of mainland China.
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Spartan Network is goal is to encourage the use of blockchain technology among businesses without the use of Digital Currencies. It started on Non-Cryptocurrency versions of Ethereum, Cosmos and Polygon Edge.
China banned the use of Digital Currency for transactions, mining and trading purposes in 2021.
Yifan He, CEO of Red Date Technology, the technical architect of the BSN, mentioned that "99% of the world is IT structures do not use crypto-based public chains to avoid being entangled in unregulated and volatile Crypto".
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"The BSN Spartan Network provides an infrastructure that integrates non-crypto public blockchains that can be used by any traditional IT system," he said.
BSN also launched infrastructure to support Non-Fungible Tokens (NFTs) in January 2022.
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