Skip to content

“China’s private blockchain networks may not win international trust.”

August 26, 2020

The progress made by the Chinese government and large companies in the blockchain sector is impressive. According to the co-founder of Ethereum, Vitalik Buterin, It is possible that You have to do more than implement and create private or semi-private blockchain consortia in order to gain international presence.

In a recent interview, Buterin stated that while Chinese companies have helped increase blockchain usage in China, The best technology use cases should be implemented internationally. And therefor, It would be difficult for them to gain the trust of other countries to use their private blockchain platforms. Buterin said:

“In an international context, it cannot be assumed that there is a single government that everyone trusts, while public blockchains are more easily perceived as neutral.”

So he added: It would be a crucial step for China to work on more public blockchain networks, much like the Blockchain Service Network (BSN) is doing through its international wing – BSN International.

“China’s private blockchain networks may not win international trust.”“China’s private blockchain networks may not win international trust.”

Buterin said the consortium’s platforms are in the spotlight because of the scalability and security they offer to private institutions that tend to be very conservative. In the long term, however, public blockchain platforms will surpass the security of consortium platforms.added.

Buterin commented on the BSN and said so It is “too early” to say anything about the project and that it will only be possible to form an opinion after seeing the types of projects that are built on the network and how the network is developing.

“”It is important not to guess too much about the initial information of a project when it is launched […] I think this is one of the mistakes people make with Libra on Facebook, “he concluded of BSN.

Receive Breaking News !

Enable Notifications    Ok No thanks