Specifically, BSN was reportedly jointly established by China’s State Information Center, China Mobile, China Unionpay, and Red Date Technologies, with a target to come up with infrastructure to gradually remove the challenges when upon entering the blockchain sector for businesses.
Yifan He – head of Red Date Technology and co-founder of BSN – reportedly revealed that upon the first experiments with blockchain, his firm was enthusiastic with the new capability it offered, but was reportedly significantly surprised at the high price that comes along.
“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.”
In the beginning, Chainlink was reportedly not at the top of BSN’s list of potential oracalized data providers. Nonetheless, Yifan He disclosed that his firm was convinced 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.”