Major Bitcoin Exchange Operator Becomes Member of China’s First National Blockchain Network

China is building a national network to establish blockchain as a service with Huobi Group , operator of global Bitcoin and crypto exchange Huobi, is a leading member. The allilance is designed to support small to medium-sized companies that are integrating blockchain solutions. The network materializes remarks made by President Xi at the end of October when he proclaimed China as the world leader of the emerging technology.

On Sunday, China’s Blockchain Service Network (BSN), the country’s first national-level blockchain alliance, held its first meeting with 14 partner companies. According to a report by Sina Finance, Huobi, invited by the Chinese government, is tasked with providing blockchain training and research, and developing blockchain solutions. Other members include China Mobile and China UnionPay.

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.

Reports Sina Finance,

“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 of Huobi Group, explains that the company’s ecosystem stretches beyond Bitcoin, crypto and the trading platform that established Huobi as a leader in the space.

“We also have Huobi China. It is not an exchange. It is a fully compliant legal entity in China doing blockchain education and blockchain solutions for large corporations, solely focused on blockchain technology…

Because of President Xi’s remarks towards the blockchain industry, we are focusing a lot on expanding Huobi China. Huobi University is now doing a hundred educational sessions to government officials and large conferences across China. We are also publishing blockchain learning materials and books.”

She cites Libra a catalyst that prompted China to move full speed ahead.

“Libra has very unique position in this industry because it attracts a lot of attention from traditional markets and governments. I think it helped with expediting the blockchain process in China. However, I was surprised to see that China is moving so fast. I think it’s a great national strategy to implement blockchain technology.”

 

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