The progress made by the Chinese government and large companies in the blockchain space is impressive. However, according to Vitalik Buterin, founder of Ethereum, they may have to do more than just publish and build on a private or semi-private blockchain in order to gain international exposure.
In a recent interview, Buterin stated that while Chinese companies should help increase the use of blockchain in China, the best use cases of the technology are aimed at implementing it internationally. To this end, it will be difficult for them to gain the trust of other countries to use their blockchains. Buterin said:
“In an international context, one cannot assume that there is a government that everyone trusts, while public blockchains can easily be viewed as neutral.”
Hence, it would be a crucial step for China to work on more public blockchains, similar to what the Blockchain Service Network (BSN) has done through its international wing – BSN International.
According to Buterin, the bundled blocks are in the limelight due to its scalability and security for private companies, which tend to be very conservative. He added that public blockchains will transcend the consortium’s long-term integrity and security.
Speaking to BSN, Buterin said that it was “too early” to say anything about the project and that it was only possible to form an opinion after seeing what types of projects were created on the network and how the network develops.
“It’s important not to try and guess a lot of early initial information about a project when it comes out […]. I think that’s one of the mistakes people have made with Libra,” he concluded from BSN.