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The developer of China’s Blockchain-based Service Network (BSN), Red Date Technology, has inked a partnership with Singularity Innovations, a major fintech firm based in Dubai, to extend its blockchain infrastructure services in the Middle East and Africa.
China’s Non-Crypto Blockchain to Get a Push in the Middle East and Africa
Singularity Finance, a unit of Singularity Innovations based in the UAE and Egypt, will also promote BSN’s Spartan Network, a blockchain designed for use in international markets that does not involve cryptocurrencies, as part of the collaboration, Red Date reportedly said in a Monday statement.
Launched in 2020, BSN is a major state-backed digital infrastructure company aimed to develop a global public infrastructure to deploy and operate all types of blockchain-distributed applications. Backed by the National Development and Reform Commission, which sets and executes national economic policy, it aims to push China into a leadership role in the blockchain industry.
Mo Taysir, CEO of Singularity Innovations, allegedly said that they would leverage BSN’s infrastructure to power international interoperable enterprise blockchain solutions in various fields, including global trade, supply chain, identity, carbon credits, and personal data management.
What is BSN Spartan Network?
Red Date launched BSN Spartan Network in September last year. It is a version of distributed ledger technology designed for use in international markets but without support for cryptocurrencies.
According to the Spartan whitepaper released in September, the purpose of the network is to build an easily “accessible Public IT Network.” As of now, BSN Spartan Network supports three public chains, Ethereum, Cosmos, and PolygonEdge, in “non-crypto versions” that are hard forks of their original public chain frameworks.
The Spartan Network is “open-source, anonymous, and free to participate in by establishing a Spartan Network Data Center locally or accessing an existing Spartan Data Center,” the whitepaper said, adding:
“To better serve traditional IT processes and procedures in a Public IT System-based environment, all native cryptocurrencies are eliminated from these NC Public Chains, and the gas consumption to execute transactions is calculated with fixed prices, similar to the business model of a traditional cloud service.”
China Continues Blockchain Push Despite Anti-Crypto Stance
China has recently launched a state-backed research center dedicated to exploring blockchain’s potential. Called the National Blockchain Technology Innovation Centre, the organization is tasked with researching blockchain technology for industrial applications and how it could be applied in the national economy.
According to a report from the local Chinese outlet South China Morning Post, the center “will focus on areas of blockchain regarding fundamental theory, software, and hardware, with the aim of developing related key technologies and industrial applications.” The center is based in Beijing and led by the Beijing Academy of Blockchain and Edge Computing (BABEC).
Despite its growing adoption of the nascent blockchain technology, China has continued its anti-crypto stance. The country, which imposed a blanket ban on all cryptocurrencies back in 2021, does not seemingly plan to adopt a more friendly approach any time soon.
Editorial Update (13th February 7:40 AM): One of the hyperlinks was updated due to a typo being present in it previously.
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