Building a durable and environmentally-friendly blockchain-as-a-service accessible to all
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The APEC Summit, themed “Creating a Resilient and Sustainable Future for All,” attracted world leaders, dignitaries, and delegations from the 21 member economies to San Francisco from November 15 to November 17, 2023. The summit aimed to promote free, fair, and open trade and investment, as well as advance sustainable and inclusive economic growth in the region. Key topics discussed included sustainability, digitalization, energy security, and other relevant issues.
During the same period as the US APEC 2023 summit in San Francisco, a similar event with a comparable theme took place in Singapore. It was during this event that the BSN Foundation, an organization dedicated to blockchain-as-a-service, announced its founding members on November 16, 2023.
The BSN Foundation governs the BSN Spartan Networks, which consists of Red Date Technology, Blockdaemon, GFT Technologies, TOKO, and Zeeve. These organizations bring diverse expertise from countries like the United States, Germany, and Hong Kong. Their goal is to build next-generation global public IT system infrastructures for various purposes such as internet communications, digital economies, metaverses, digital payments, and NFTs. These infrastructures are based on non-cryptocurrency public chain technologies and are designed to benefit humankind worldwide.
In an interview, Tim Bailey, the Vice President of Global Business and Operations for Red Date Technology, explained that the BSN Spartan Network is a decentralized network governed by the BSN Foundation. Each member operates a governance data center that hosts all the validator nodes of non-cryptocurrency public chains. The BSN Foundation operates through three core committees: the technical committee, the governance committee, and the business committee. These committees oversee distinct activities such as research and development, governance coordination, and commercial matters. As a decentralized governance organization, each member has an equal voting right on governance decisions, such as integrating new blockchain protocols or adjusting network fees.
The BSN Foundation recognizes the benefits of public chain technologies, such as data sharing costs, private data ownership, and transparency. These advantages have been underutilized by traditional enterprises due to concerns about unregulated cryptocurrencies. To bridge this gap, the BSN Spartan Network offers a decentralized cloud service solution using non-cryptocurrency public chains as operating systems. This network consists of virtual data centers that are open source and free to download on GitHub. Businesses can deploy smart contracts and build decentralized applications (dapps) on these nodes and pay gas fees using fiat currency or stablecoins like USDC.
With an initial membership of five organizations, the BSN Foundation aims to expand to 40 members. Together, these organizations contribute expertise in various fields, ranging from blockchain-as-a-service to financial services and consulting. One of the founding members, Blockdaemon, provides enterprise-grade blockchain node deployment solutions. GFT Technologies, with over 35 years of experience, develops sustainable solutions using new technologies like AI and blockchain. Red Date Technology, the technical architect of the BSN Spartan Network, focuses on building next-generation public IT system infrastructures. TOKO, born out of DLA Piper, offers digital asset tokenization and legal compliance solutions. Zeeve is an enterprise-grade no-code blockchain infrastructure automation platform.
The BSN Foundation envisions a future where it has 40 leading international companies as foundation members, all with equal voting rights. This would make the Spartan Network one of the most decentralized IT infrastructures in the world. Their ultimate goal is to revolutionize traditional business operations and data communication in a sustainable way by promoting the concept of public IT systems that complement existing centralized architectures.
In conclusion, the APEC Summit and the founding of the BSN Foundation’s members mark significant steps towards promoting sustainable economic growth and advancing blockchain technology in the Asia-Pacific region and beyond.
About the author: Selva Ozelli, Esq., CPA is an international tax attorney and CPA who frequently writes about tax, legal, and accounting issues, as well as sustainable investments in digital assets globally.
