LINK’s Oracle Service Integrated By China’s Blockchain Service Network

LINK’s oracle service got integrated by China’s blockchain service network which is made up of some of the leading technology companies, as we are reading more in the upcoming Chainlink news today.

China’s national Blockchain Services Network (#BSN) is integrating Chainlink as the preferred oracle network to provide @BSNBase systems access to off-chain data. As part of this collaboration, @irisnetwork and @SNZHolding will also contribute technical integration support.

— Chainlink – Official Channel (@chainlink) June 23, 2020

China’s Blockchain Service Network was recently formed by China’s State Information Center, China Unionpay, China Mobile, and Red Date Technologies. The goal of the organization is to create an infrastructure that will cut down the entrance barriers within the blockchain technology sector. The CEO of Red Date Technology and the co-founder of China’s blockchain Service Network Yifan He explained that his company started initially experimenting with blockchain technology and that he was extremely excited about the many new opportunities and capabilities of the technology but was appalled by how expensive it was:

 “We really saw the upgrade from the Internet to the distributed way of transmitting data. So we really liked the technology. But at the same time, we thought it’s just way too expensive to make sense because just to set up the environment, put the framework together and build the nodes, it costs almost half a million yuan to set up the project.”

Initially, LINK’s oracle service was not the first choice for the organization as it was the second on the list from potential data providers using oracle technology. however, Yifan He said that they were amazed by the strength of Chainlink’s community and team:

 “We looked at the top four, on the list, Chainlink was not number one. They were the second one. But we saw that Chainlink has the best community, best support. […] Also, we really liked the team.”

He also noted that there are too many misconceptions about China’s blockchain projects in the west, saying, “not Everything in China is evil.”

As per the recent LINK news, the World Economic Forum recognized Chainlink as one of the Technology Pioneers in 2020 and right after the announcement, LINK’s price jumped over 13%. A few other metrics suggest that LINK is poised for more gains. The decentralized oracle network Chainlink is in the spotlight because of its technology which brings more value to DeFi and it could even set the stage for more gains. Sergey Nazarov, Chainlink’s co-founder said that it was “thrilled” about the acknowledgment of these prestigious organizations and it is preparing to contribute to the initiatives of the forum over the next two years.