China’s Blockchain Service Network to Integrate Chainlink As Crypto Asset Soars 11%

dailyhodl.com 2020-06-24 16:30
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China’s Blockchain Service Network (BSN), the country’s first national-level blockchain alliance, is now utilizing Chainlink (LINK) technology to access off-chain data.

BSN is aiming for the rapid deployment of blockchain technology in China, integrating it across multiple industries as the foundation of the digital economy. The infrastructure is expected to streamline operations and maintenance, reduce costs, and bolster the interoperability of blockchain applications.

By integrating Chainlink’s oracles, the BSN plans to build an “Interchain Communication Hub” to increase interoperability between the decentralized apps it deploys.

We welcome @chainlink,@IRITAchain and @snzholding to the BSN family. We will build "Interchain Communication Hub" of the BSN together to enable easy and convenient interoperability for all Dapps deployed on the BSN. https://t.co/KikW8hVBJB

— BSN (@bsnbase) June 23, 2020

Says Yifan He, CEO of Red Date Technology and BSN co-founder,

“One of the main purposes of BSN is to provide interoperability to all DApps, regardless of whether they are for permissioned chains or public chains. On BSN, each DApp should be able to call any other DApps in a very convenient and low-cost way. This collaboration with Chainlink, IRITA, and SNZ Pool will help us achieve this goal and ensure that BSN users reach new levels of security, reliability, and interconnectivity.”

News of the BSN’s integration of Chainlink triggered an 11% rise in the price of the platform’s native cryptocurrency LINK, which is valued at $4.80 at time of publishing, according to CoinMarketCap.

Chainlink provides a network to securely connect external data across different blockchains.

The company has also been working on increasing blockchain interoperability in the United States. Earlier this month, they joined about 20 other firms, including tech giants Microsoft and IBM, to launch the InterWork Alliance, a new non-profit organization that plans to streamline the complex cryptosphere and world of tokenized assets by building standards and frameworks.