Advertisements
Analysis News

China builds national blockchain with Huobi Group

Developing of national network to support blockchain projects begins in China. The project is being implemented in association with the Huobi Group, operator of the famous crypto-exchange.

The aim of the project is to help small and medium enterprises to integrate blockchain solutions. Thus, Chairman Xi statement at the Plenum of the Politburo of the Communist Party of China is implemented.

The national blockchain operator Blockchain Service Network (BSN) held its first meeting on Sunday with 14 partners, including Huobi. According to Sina Finance, Huobi will be responsible for the training and research plus the development of blockchain solutions. Other well-known companies involved in the large-scale blockchain project include China Mobile and China UnionPay. Such a high level of partnership is the key to the rapid implementation of the project goals, and this is nothing less than introduction of blockchain technology in China, the integration of blockchain in several sectors of the economy as the basis for the transition to a digital economy:

– BSN, as a global infrastructure network, is creating a common blockchain underlying technology service platform to serve the construction of new smart cities and the development of the digital economy.

Ciara Sun, chief of staff at Huobi, emphasizes that Huobi is not only an exchange, but also a great expertise outside of cryptocurrencies. This is exactly what the Chinese authorities expected to hear from him, because they separate the blockchain from the “speculative crypto market”. Huobi has a legal entity in China – Huobi China. According to Ciara Sun, Huobi University is already “doing a hundred educational sessions to government officials and large conferences across China. We are also publishing blockchain learning materials and books.” Expert noted that Libra project became a catalyst for China to move forward the blockchain development.

It seems that the American authorities, after they had banned Libra, opened the way for their global competitor, China.

Advertisements