Tag: China Mobile

Meet Red Date, the little-known tech firm behind China’s big blockchain vision | coindesk

““Initially I thought blockchain, especially distributed ledger technology [DLT], had no commercial value because it was too expensive,” said Yifan He, CEO of Beijing Red Date Technology. “Then I realized we can actually build a multi-framework platform to reduce the cost for everyone.”

That realization is a core idea of the Blockchain-based Service Network (BSN), a government-supported initiative scheduled to open for global commercial use Saturday. As the only one of the three original founding companies with a specialized software background, Red Date initiated the project and has been spearheading the network’s technical design.

“I think nobody has ever heard of it. But actually, in many ways, Red Date Technology plays a critical role in the development of BSN because they are the one who architected the BSN,“ said Michael Sung, a professor at Fudan University’s Fanhai International School of Finance. “They are the one who actually created the technology strategy which went up to the [National] Development and Reform Commission. They made that happen.””

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Meet Red Date, the Little-Known Tech Firm Behind China’s Big Blockchain Vision – CoinDesk
The de facto architect of China’s ambitious national blockchain project reveals his game plan for making the technology cheap and easy for businesses.

China’s national blockchain will change the world | coindesk

This week, China will officially launch a major new blockchain initiative called the Blockchain-based Services Network (BSN). The BSN is a critical part of China’s national blockchain strategy that was announced by President Xi in late November 2019, but went largely under the radar as the simultaneous announcement of China’s digital RMB currency, called the DCEP, swept the world by storm. Only recently has the Western media recognized the significance of the BSN, which sees its mainland commercial launch April 25. The portal’s global commercial launch is scheduled for June 25.

Essentially, the BSN will be the backbone infrastructure technology for massive interconnectivity throughout the mainland, from city governments, to companies and individuals alike. The network will also form the backbone to the Digital Silk Road to provide interconnectivity to all of China’s trade partners around the globe. The BSN will be a new internet protocol to allow a more efficient way to share data, value and digital assets in a completely transparent and trusted way between anyone who wants to be a node on the network.

The main BSN founding consortia partners are the State Information Center (China’s top-level government policy and strategy think tank affiliated with the National Development and Reform Commission), China Mobile (China’s largest national telecom with over 900 million subscribers), China Unionpay (the world’s top payment and settlement provider with eight billion issued credit cards), and Red Date Technologies (the main blockchain architect for the BSN).

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Michael Sung: China’s National Blockchain Will Change the World – CoinDesk
As China rolls out its Blockchain-based Services Network (BSN), an insider describes the

China’s digital currency to start pilots | Ledger Insights

“China’s much anticipated Central Bank Digital Currency (CBDC) will start pilot testing this month, according to local outlet Caijing. The first firms involved are the four major state-owned banks, the three big telecoms companies and Huawei, which recently signed a cloud deal with the People’s Bank of China.

According to Fan Yifei, the deputy governor of the People’s Bank of China (PBoC), the currency has completed its top-level design, formulation, functional research and testing. The next step is to launch pilots, which are planned for Shenzhen and Suzhou.

The currency is referred to as the Digital Currency Electronic Payment (DCEP). That’s in part because it is a two-tier currency, where the first part involves the commercial banks converting some of their central bank deposits into digital currency. And the banks then distribute this digital currency to consumers. The process is intended to mirror the way physical cash is distributed.

The four state-owned banks involved are the Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China, and Bank of China. And the three telecoms companies are China Telecom, China Mobile, and China Unicom.”

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China’s digital currency to start pilots – Ledger Insights – enterprise blockchain
China’s much anticipated Central Bank Digital Currency (CBDC) will start pilot testing this month, according to local outlet Caijing. The first firms involved are the four major state-owned banks, the three big telecoms companies and Huawei, which recently signed a cloud deal with the People’s Bank …