China’s Blockchain Service Network to Support R3 Corda
Red Date Technology, a developer of China’s Blockchain technology based Service Network, has been given licensing rights by R3 to market both the permissionless and enterprise-level Corda software in China. As per a media release by R3, the news signals the foremost time for the BSN developer to be endorsed with marketing rights of enterprise level blockchain technology from a foreign firm.
As the R3 licensing agreement is with BSN China, coders will build a permissioned variant of Corda to meet with Chinese blockchain guidelines. As banks will be one of the users of the platform, China’s UnionPay cloud framework will act as host to BSN Corda notaries.
The collaboration also provides an entry for R3 into China’s market following the enterprise’ considerable expansion throughout Asia. Commenting on the significance of hosting an enterprise level blockchain such as Corda on the BSN, Red Date Technology’s CEO Yifan He stated:
“Corda will go live in China via BSN’s Open Permissioned Blockchain Initiative to offer Chinese developers low-cost access to Corda technology. Red Date will also help to drive Corda and CorDapps’ adoption among all Chinese banks—enabling Chinese financial companies to streamline their business processes and receive the profound benefits of enterprise blockchain.”
As per the media release, Chinese companies will gain access to Corda Enterprise through BSN public city nodes from the third-quarter of this year. Red Date Tech intends to encompass some Corda based decentralized applications as portion of the incorporation to bootstrap implementation for enterprises that will use BSN Corda.
From the time of rolling out in 2020, BSN has continued to embed multiple public blockchains in both BSN international and China-focused platforms. Notably, in February, Cosmos (ATOM) turned out to be the foremost public blockchain to be incorporated in BSN China.
It can be remembered that TON Labs signed collaboration agreement with BSN developers to implement the Telegram-backed TON covenant for China’s blockchain venture.