As reported by cryptonews.com on Nov.12., a security expert and CIA analyst said, the Chinese Blockchain Service Network (BSN), could pose a threat to America’s dominance in the digital sphere.
These opinions have been put forward by Yaya J. Fanusie, who is an Adjunct Senior Fellow at the Center for a New American Security (CNAS) think tank in Washington, DC.
Fanusie stated that while the BSN is being touted as a “system of low-cost backend architecture on which software developers around the world can build blockchain applications such as cryptocurrencies,” it is also seen as a system which will serve the core cyber policy interests of the Chinese Communist Party or (CCP).
Fanusie mentioned that American financial authorities have advantaged from the ubiquity of US computer infrastructure in global business, but thinks that the BSN is trying to challenge that rule.
“The CCP leadership believes that blockchain technology offers a foundational infrastructure for future technological innovation and that China should set the global standards in that arena. To begin doing so, China is inviting blockchain developers to build decentralized software applications on the BSN’s Chinese-run servers, even though some of the servers are located outside China.”
He also mentioned,
“The BSN is not going to upend the US domination of the internet anytime soon. But it indicates a new, and sensible, Chinese strategy. […] The good news is that while China’s blockchain internet is in its infancy, the US has time to follow its development and respond accordingly.”
Fanusie claimed that the BSN could debilitate movements for human rights and political freedom, and added, “Much of the blockchain developer community has strong libertarian leanings, promoting decentralized applications as means for censorship resistance and to fund protests against authoritarianism and state brutality.”
The analyst noted that the “elusiveness of global blockchain adoption is exactly why China’s strategy deserves attention.”
In conclusion, Fanusie believes that American decision-makers should look out for the BSN’s potential to hinder future investigations and accomplish actions relating to digital currencies.