Chainlink suits China’s Grand Blockchain Initiative

Chainlink suits China’s Grand Blockchain Initiative

There are two companies working with the State-backed Blockchain Service Network (BSN) of China and among those companies one is SmartContract and another is Iris Foundation Ltd., which will help BSN in allowing different systems to work in conjunction with each other. On the other hand SmartContract Company will play its role through sourcing of reliable information about the real world.

Both of the companies will give their effort with their expertise on specific field to the development of a ‘’service hub.’’ Because of the partnership between BSN and Chainlink, users will be able to obtain outside data such as stock prices and financial transactions through Chainlink while getting cross-chain services between blockchains adapted in the network with Irisnet based on Tendermint.

Integrating public chains

BSN being backed by the State Information Center and Red Date aimed at building such a blockchain infrastructure that will offer cheaper and accessible services on any chain for users around the world. It takes long time to BSN to integrate all the public chains with the network. BSN will allow companies and software developers to build blockchain applications cheaply and efficiently by choosing the components from a broad menu of integrated systems.

BSN’s network comes with privacy but still experts are concerned about it. BSN will work with more cross-chain tech firms to expand the interchain service hub. It will deliver a demonstration of its cross-chain services as early as September.

They want to have at least four different interchain service technical frameworks and the interchain service hub is one of the three critical parts for the national blockchain infrastructure’s development in the near future.BSN has a plan to acclimatize Ethereum and EOS public blockchains into its system.

Chinalink’s specialty

Chinalink presents itself as decentralized oracle solution that acts as a middleware agent between traditional data sources, blockchain projects & the smart contracts with its own native token called LINK. Chinalink secures blockchain middleware that enable dapp developers to create universally connected smart contracts. Smart contacts can be used for a global trade agreement, financial product or insurance, the contracts need to obtain external data and make sure the goods and services are delivered.

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