November 10, 2020

Don’t Sleep on China’s New Blockchain Internet

By Yaya J. Fanusie

U.S. national security policymakers are working aggressively to push back China’s global market advance in 5G and artificial intelligence technology. Meanwhile, the Chinese Communist Party (CCP) is progressing unfettered in a parallel technological campaign: expanding global blockchain infrastructure.

The Chinese Communist Party (CCP) is progressing unfettered in a parallel technological campaign: expanding global blockchain infrastructure.

Earlier this year, Beijing launched the Blockchain-Based Service Network (BSN), a system of low-cost backend architecture on which software developers around the world can build blockchain applications—including digital assets such as cryptocurrencies. The launch happened a few months after Chinese President Xi Jinping pressed for the nation to leverage blockchain technology to complement the rising economic importance of big data and the “internet of things.” This BSN has received little attention in the U.S.—but if the network gains significant international adoption, it could give the CCP greater influence in digital commerce and complicate U.S. economic statecraft. For decades, U.S. financial authorities have benefited from the ubiquity of U.S. computer infrastructure in global business. The BSN is trying to challenge that norm.

Read the full article from Lawfare.

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