The Chinese arm of leading cryptocurrency exchange, Huobi has joined forces with other highly reputed firms in China, includingUnionPay, China Telecom, and others, to roll out the Blockchain Services Network (BSN), a consortium aimed at accelerating the growth of distributed ledger technology (DLT) in the country, reports FN.com on December 1, 2019.
As part of efforts to make China a force to be reckoned with in the global blockchain technology industry, the State Information Center (SIC) has organized the first DLT conference in collaboration with the founding members of the BSN. Per sources close to the matter, the Chinese arm of Huobi is the only cryptocurrency exchange that has been made a part of the consortium which comprises of several heavyweights in the region, including China Mobile, a state-owned telecommunications company established in 1997, China UnionPay, China Merchants Bank International, among others.
At a time when distributed ledger technology is rapidly gaining traction in various sectors of the global economy, from supply chain to financial technology, the primary objective of the BSN is to promote broader adoption of the revolutionary technology in China by providing the resources needed for the creation of highly functional public blockchains. Additionally, the team has revealed that the BSN will also strive to reduce the costs associated with the development and deployment of blockchain solutions, while also ensuring that blockchain platforms are interoperable.
At a time when Chinese authorities have launched fresh attacks on crypto trading platforms in the region, Huobi’s addition to the BSN consortium represents a significant achievement for the firm. CEO of Huobi China, Yuan Yuming has expressed his excitement over the selection of Huobi China, adding that the firm will contribute its bit to the project. Specifically, Huobi China plans to collaborate with BSN members to train the masses on blockchain technology and its application, conduct more research on the technology, while also facilitating frictionless blockchain integration across industries.