- China’s blockchain Services Network (BSN) becomes a partner of Chainlink.
- Therefore the oracles of Chainlink are increasingly establishing themselves as standard.
- BSN is part of the Chinese offensive to become the leader in blockchain technology.
In October 2019, Chinese President Xi Jinping announced that his nation wants to claim leadership in blockchain technology. In addition to field tests and the upcoming introduction of digital central bank money (CBDC), the BSN has been founded with the participation of various companies.
Among others, China Mobile, Unionpay and Red Date Technologies are on board. This is not so much about the implementation of a public and free blockchain, but rather the implementation of the gigantic Chinese industry.
The automation of production processes and supply chains benefits enormously from blockchain technology. After the BSN was put into operation at the end of April, the further development of the state blockchain is now following.
Chainlink Oracles become the standard
One gets the impression that Chainlink has succeeded in filling one of the most important gaps in the blockchain industry. With the help of the Oracles, it should be possible to reliably combine data outside a blockchain with it.
In principle, this can be anything possible or impossible. Starting with quantities and delivery quantities up to prices and quotations, which are tapped at the appropriate place and reliably transferred to the blockchain with the help of the Oracles.
BSN also wants to profit from this, because Chainlink reduces costs in this area and increases speed.
Markets react positively – LINK grows
The LINK share price therefore continued its positive trend, which it started yesterday. Now the price is close to the historical resistance zone at $4.80. In February and March 2020, it failed to break out of this zone twice.
Now it remains to be seen whether the latest news on the third attempt can serve as a catalyst for a successful breakout of the resistance.