A driving force behind the scenes of China’s ambitious blockchain infrastructure project says he used to be skeptical of the technology.
“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.“
According to He, the three founding companies – telecom provider China Mobile, payments provider China Unionpay and Red Date – have invested