Chinese blockchain initiative BSN expands to Turkey and Uzbekistan

Chinese blockchain initiative BSN expands to Turkey and Uzbekistan

Blockchain-based Service Network (BSN), the Chinese government’s blockchain initiative, has announced it would continue global expansion, the latest update regarding the same being its set up of two new portals in Uzbekistan and Turkey.

The architect of the Chinese government project, Red Date Technology, has reportedly signed an agreement with the Turkish Chinese Business Matching Center (TUCEM), a Turkish consultancy firm. The partnership would supervise the launch of two international BSN portals in Uzbekistan and Turkey in December 2021.

TUSEM, established in 2006, has become a major economic cooperation hub between China and Turkey. The company would become the exclusive operator of the two new BSN portals offering blockchain-as-a-service (BaaS) in Turkey and Uzbekistan.

The upcoming portals would let blockchain developers in Uzbekistan and Turkey build BaaS applications using the global BSN portal that hosts other major blockchains like the Ethereum network, Polkadot, Algorand ConsenSys Quorum, Tezos, Corda and others. The initiative is aimed at solving crucial challenges associated with developing blockchain applications, cutting developmental costs and enabling blockchain interoperability.

Red Date Technology’s CEO Yifan He has said that Turkey has been instrumental in bridging the gap between Europe and Asia, so it is “fitting” that the first BSN portal outside Asia launched there.

TUCEM President and head of BSN Turkey, Mehmet Akfırat, has said that the BSN’s Turkish portal will be influential in “social development and financial inclusion.” 

Akfirat has also said that BSN doesn’t shortlist locations for its global portals and is ready to work if there are efficient partners. He added that as long as they have good local partners, Turkish executives in blockchain development “don’t really mind where they are located.”

The CEO also informed that they are looking for potential partners in Europe, Australia and the United States.

According to Akfirat, BSN does not operate its global portals on its own; rather, they are operated by their “local partners” who “own the portals, leveraging BSN infrastructure” for building the most powerful BaaS site with minimal costs.

BSN has also recently launched its Macau and Hong Kong portal on September 1. This has significantly contributed to 30 new blockchain projects. BSN is also planning to set up another international BSN portal in South Korea by November 2021.

Back in January 2021, BSN had announced building a universal digital payments system for central bank digital currencies (CBDCs), alongside following its earlier intentions to support stablecoins for various services within the BSN ecosystem.

However, Yifan He has said that the BSN is not involved any longer in “CBDC-related projects” and has even given up all stablecoin plans. 

For now, BSN’s mission is “expanding footprints in other countries,” he added.