China’s Blockchain-based Service Network (BSN) signs with Korean partner

September 2, 2021

By Ledger Insights, On the Web

Blockchain-based Service Network (BSN) announced that one of its founders, Red Date Technology signed an exclusive agreement with MetaverseSociety to operate the BSN portal in Korea which will launch in November. BSN aims to provide low-cost access to various blockchain technologies both within a Chinese network and an international network.

BSN was founded by the Chinese government’s State Information Center (SIC) along with Red Date, China Mobile and China UnionPay. The Chinese network supports only enterprise blockchain technologies but makes them publicly accessible, whereas the international network additionally supports numerous public blockchains such as Ethereum, EOS, Polkadot, NEO and Tezos. A key focus is to try to create interoperability between different blockchain offerings.

When Red Date announced its Series A funding in June, it explained that BSN International was in the process of creating a Singapore foundation of multinational corporations to steer the initiative. It also announced plans to integrate with Singapore’s Blockchain Trade and Connectivity (BTC) Network late last year. The BTC Network is backed by Enterprise Singapore and also includes Global E-Trade Services (GeTS), a major digital trade solution in the region that also uses blockchain.

The international network of BSN is also planning a multinational (CBDC) trial this year.

“We see Korea as an important market for blockchain technology because it has long been a global leader in information and communication technologies,” said Yifan He, CEO of Red Date Technology and Executive Director of the BSN Development Association. “The Korean government has also demonstrated a progressive approach to new technologies and has been making strides in enterprise blockchain adoption beyond cryptocurrencies.”

He continued, “The BSN portal that MetaverseSociety will launch in Korea is an important milestone in our mission to create a network of BSN portals that provide easy access to blockchain resources for developers around the world.”

BSN was keen to emphasize that it’s a useful platform for universities given its low cost.

Notably, MetaverseSociety is an organization that leans very much towards public blockchains, and Polkadot in particular. It has its own DeFi NFT platform that supports entertainment-focused NFTs and tokenized digital assets such as real estate bonds.

Fun Fact: The name of the MetaverseSociety DeFi NFT platform is MarX. If you ignore the capitalization spells Marx as in Karl Marx.

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