China Eyes To Become Most Dominant Blockchain Power In World

124
China Blockchain (Courtesy: Skalex.io/crypto-china)

China has been in news for a lot of reasons in 2020. The novel coronavirus pandemic has drawn plenty of flak for the country since its origin was in Wuhan. Their has been a battle raging over South China sea while the ties with India have also turned foul due to the disruption at the Line of Actual Control (LAC).

Amid all this, China continues to establish its hold in the world of cryptocurrency. The country, one of the leader in the digital currency world, is further trying to establish its blockchain.

A state-backed blockchain infrastructure project in the country is aiming to become a dominating force in decentralized application providers.

The project has been named Blockchain-based Service Network (BSN). It is trying to expand itself as the relationship between US and China is becoming intense. The state-owner service BSN has been supported by the US technology companies.

Incidentally, the project has been powered by Amazon Web Services (AWS), Microsoft and Google as the major cloud service providers.

US president Donald Trump on Friday said that it is considering a ban on Chinese app Tik-Tok. He also said that they might consider a few other options about it.

Meanwhile, Congress approved $1 billion for rural telecom carriers to ditch services from Huawei and the U.S. Commerce Department restricted semiconductor companies from providing chips to Huawei.