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Chinese blockchain project BSN expands to Turkey and Uzbekistan

Chinese blockchain project BSN expands to Turkey and Uzbekistan


Source: Coin Telegraph

Chinese blockchain project BSN comes to Turkey and Uzbekistan after launching the BSN Hong Kong and Macau portal.

The Chinese government-backed blockchain project, the Blockchain-based Service Network (BSN), continues expanding its global presence by setting up two new portals in Turkey and Uzbekistan.

Red Date Technology, the architect behind the BSN project, has signed an agreement with Turkish consultancy firm, Turkish Chinese Business Matching Center (TUCEM), to launch two international BSN portals in Turkey and Uzbekistan in late December 2021.

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

The new portals will allow blockchain developers in Turkey and Uzbekistan to build BaaS applications using the global BSN portal hotsing major blockchains like the Ethereum network, Algorand, Polkadot, Tezos, ConsenSys Quorum, Corda and others. The initiative aims to solve major challenges associated with developing blockchain applications, enable blockchain interoperability and cut development costs.

“Turkey has long played a role as a bridge between Asia and Europe and so it is fitting that the first BSN portal outside of Asia will be launched there,” Red Date Technology CEO Yifan He said.

Mehmet Akfırat, president of TUCEM and head of BSN Turkey, said that the BSN’s Turkish portal will contribute to social development and financial inclusion. According to the exec, both Turkey and Uzbekistan are highly engaged in blockchain development.

He told Cointelegraph that BSN doesn’t choose the locations for its international portals. “As long as we have good local partners in some regions, we don’t really mind where they are,” the exec said, adding that BSN is also talking to potential partners from the United States, Europe and Australia.

The CEO also noted that BSN does not operate its international portals. “They are all built and operated by our local partners. They own the portals, which leverage BSN infrastructure to build the most powerful BaaS site with little cost,” He said.

BSN recently launched a Hong Kong and Macau portal on Sept. 1, contributing to the development of more than 30 new blockchain projects. BSN also plans to set up an international BSN portal in South Korea in November.

Related: Visa working on blockchain interoperability hub for crypto payments

In January 2021, the BSN announced plans to build a universal digital payment network for central bank digital currencies (CBDCs) — this following even earlier intentions to support stablecoins for various services on the BSN ecosystem.

However, according to He, the BSN is no longer involved in “any CBDC-related projects” and has also abandoned its stablecoin plans.

“BSN no longer will integrate stablecoins. We move that plan to another entirely new project, which has no association with BSN. For BSN, we are focusing on expanding footprints in different countries,” He told Cointelegraph.

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Author: Helen Partz