China's Blockchain Service Network (BSN) has officially launched Spartan Network, a blockchain infrastructure project for business needs outside mainland China.
In context, the launch of the Spartan Network is aimed at the interests of businesses outside of China using distributed ledger technology such as the blockchain concept but without the involvement of cryptocurrency.
According to BSN, more than 10 Hong Kong companies and traditional conglomerates such as Emperor Group, HSBC, Lan Kwai Fong Group and Maxim Group have become the first groups to use the service.
In fact, up to now, 1,300 businesses and organizations have also registered on the BSN platform which does a million transactions a day.
Also explained, BSN was officially launched in 2020 by China's state-owned telecommunications giant, UnionPay card clearing service, Red Date and the State Information Center which is a government think tank under the National Development and Reform Commission.
Meanwhile, BSN's Distributed Digital Certificate (BSN-DDC) which describes initiatives in managing blockchain infrastructure services successfully enables companies to print non-fungible tokens (NFT) on public blockchains without relying on cryptocurrencies.
In reality, the network has so far launched three open blockchains, namely Ethereum fork blockchain, Cosmos and Polygon Edge.
In addition, Yifan He, chief executive of Hong Kong-based Red Date Technology who is the technical architect of BSN stated that the blockchain system without dealing with cryptocurrencies allows a company to take advantage of the benefits of blockchain in a more convenient and cost-effective way.
For example, the cost of printing NFTs on the Ethereum BSN version is currently only 3 US cents and will eventually drop to less than 1 US cent as fees are paid using the non-tradeable token (NTT) network that cannot be transferred to other wallets.
