Furthermore, BSN has announced that Cosmos, the blockchain centered on interoperability will be modified to function on the Chinese network.
Bianjie, the Chinese firm that developed public blockchain IrisNet, did the necessary work to develop an Open Permissioned Blockchain (OPB). IrisNet is also one of the partakers in the International BSN. The company also created the enterprise blockchain variant IRITA.
Two main aims of BSN is paving way for cost-effective adoption of blockchain technologies for SMEs and individuals and facilitate interoperability between distinct private blockchains. The permissioned variant of Cosmos on BSN is called as WenChang Chain, which refers to a city in the province of Hainan.
Yifan He, Executive Director of BSN and CEO of Red Date Technology, said “BSN’s OPB initiative is a major milestone for China’s blockchain development. China had been longing to embrace public chain technologies for years but there wasn’t an effective way to do so because the regulators are not a fan of cryptocurrency.”
He trusts that other blockchains will also make necessary modifications and join BSN this year. Yifan further stated that, “We are working hard on interoperability across all blockchain ecosystems. BSN’s OPBs will interoperate with traditional permissioned frameworks within the BSN ecosystem and other OPBs outside the system.”
Cosmos is popular for its Inter-Blockchain Communication (IBC) covenant, which is scheduled to go live on the key public network this month. While it was initially structured to facilitate exchange of tokens between separate blockchains within the Cosmos ecosystem, its capability was later extended to include data transfer.
In the meantime, BSN also has an agreement with Digital Asset, which has created a unique interoperability covenant DAML Canton that runs behind the DAML smart contract language. The intention is to pave way for workflows in a multiple range of blockchains. The key DAML language is compatible with several enterprise blockchains and also databases.
Notably, BSN, in recent times, announced that it will back the Quorum enterprise blockchain, including the two currently active blockchains, China’s FISCO-BCOS and Hyperledger Fabric, and many more planned ones. The BSN has also created a five year strategy to establish a universal digital payment network (UDPN) to back central bank digital currencies (CBDC) of several countries.