A July 22nd announcement is pointing towards a partnership between NEO and BSN, two major players in the Chinese blockchain industry, wanting to further support blockchain mainstream adoption. Asian activity in this field continues to be encouraging and Tokai Tokyo announced last month it wants to develop a security token exchange.
A blockchain alliance to remove barriers
BSN will play a major role in the process since it can provide a public repository of blockchain resources. Right now, issues like high entry barriers and fragmented developer experiences are assumed to prevent and delay a broader adoption of the blockchain technology. With help from BSN, some other benefits could appear, like reducing costs associated with development, operation, connectivity, and many other areas.
NEO, a cryptocurrency labeled as the Chinese version of Ethereum, would be another key part of the process and will leverage the global public city nodes of BSN. Its main goal is to help developers overcome some of the barriers preventing the mass adoption of blockchain solutions. Da Hongfei, founder of Neo talked about the importance of collaboration between blockchain companies:
Blockchain adoption has accelerated dramatically within the past few years…we look forward to overcoming the challenges facing mainstream blockchain while fostering cross-industry collaboration.
Altcoins to lead blockchain adoption?
Last week we’ve seen Bitcoin dropping towards $9,000 after Twitter scam, but at the same time, many other altcoins were outperforming. Cardano and Chainlink are just two of the main examples. As BTC continues to fluctuate narrowly below $10,000, the attention had shifted towards the altcoin market and more broadly on how companies want to support blockchain adoption.
NEO had been a cryptocurrency with high potential for years, but for the past two years, it had been consolidating in a tight range. There had been volatility in 2020, but since March, NEO managed to recover most of the losses. As part of the new Chinese blockchain alliance, enterprises like China UnionPay, China Mobile, and the Chinese State Information Center will be joining.
This could mean a lot of new opportunities for NEO in the longer run, as the cryptocurrency could benefit from increased adoption. Back in April, Chain had the first blockchain innovation alliance and with the new one, it continues to reaffirm commitment to becoming a global leading in blockchain developments. This should be supportive for the industry and provide new ways to integrate blockchain in the economy.