It could be argued that China’s blockchain roadmap has been relatively grey and unclear within most of the international arena, but the Blockchain-based Service Network (BSN) Foundation’s decision to incorporate a global sharing economy into the exclusive and selective network highlights the nation’s willingness to build a globally collaborative blockchain network that is inclusive and accessible.
One of their new partners is ShareRing, a global intermediary-less sharing ecosystem designed to help businesses safely and securely share data. Their mission is to deliver the blockchain solution the technology promised a decade ago through a global ecosystem where any business of any size can access the platform using a simple mobile application and share data more efficiently and effectively for a more sustainable and decentralized future. They have even been dubbed the middleman-less Amazon AMZN -4.1%.
China’s decision to include them in the first ten international companies (along with Chainlink, Neo, Tezos, and Ethereum) will no doubt be a warmly welcomed story for those seeking to understand the direction of China’s blockchain international developments. ShareRing CEO, Tim Bos said, “We are honoured to partner with BSN, joining industry giants like Ethereum, Neo and Tezos. We share their vision of removing costly entry barriers to blockchain technology and its benefits for businesses and individuals regardless of their size, resources or industry expertise. We are confident we will achieve our mission together”.
China’s BSN has lofty ambitions to become the Internet of Blockchains with the most easily accessible and affordable network that uses a cross-cloud, cross-portal and cross-framework global public infrastructure. Developers can simply plug-and-play to integrate DApps allowing them to focus on innovation and programming smart contracts, reducing the time and costs associated with interfacing blockchain technologies with traditional legacy systems. The criteria for acceptance into the network is selective, only focusing on projects deemed to have the greatest potential and impact in the world for businesses and users.
While encouraging, the inclusion of international companies should be viewed as progress, not perfection. After all, China’s BSN is filled with potential downsides too. Not even the code is open-sourced, so whether or not there are back-doors is impossible to say. Also, what about the potential competitive advantage BSN gives China? Companies building on this network are participating in a global competition (what some might term a Cold War) to “own” the future global financial infrastructure.
It’s worth noting that both the BSN Foundation and ShareRing align on their vision to lower the cost for businesses to enter the blockchain era, making blockchain technology accessible for as many people as possible around the world. “The BSN Foundation is pleased to welcome ShareRing into our ecosystem. Their ability to offer seamless integration with a broad range of DApps will be a strong addition to our vision to build an inclusive and accessible blockchain network for the world,” said Michael Ma, COO of the BSN Foundation.
Prior to integrating with China’s BSN, ShareRing made headlines for launching a private contact-tracing passport in a bid to use blockchain to revive the decimated global tourism industry. The self-sovereign ID system has been integrated with Thailand’s e-visa on arrival system and new partnerships with the region are yet to be announced.
It will be interesting to track what new international blockchain solutions are added to this list by China and to monitor the progress worldwide. Watch this space.