Klaytn, a Kakao Subsidiary, will Collaborate With BSN to Develop Blockchain in China

Klaytn, the public blockchain of South Korean internet giant Kakao, will create an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network (BSN) infrastructure for domestic use in the Middle Kingdom. Klaytn said that it would participate in the creation of the Chongqing Chain, a permissioned version of Klaytn that will serve as a doorway to China’s blockchain market. The BSN is a state-sponsored project in China that is divided into two parts: BSN China and BSN International. Kakao’s Klaytn to build blockchain in China with BSN https://t.co/cR6SPNX5Lh — Black Media Daily (@BMDaily1) May 17, 2022 In January 2022, Klaytn joined BSN’s international network. The BSN-DDC network, a non-crypto currency infrastructure for non-fungible tokens (NFTs), or “digital collectables,” is intended to include the Chongqing chain as one open-permissioned blockchains. According to a press release, BSN supports 28 blockchain frameworks and has over 25,000 developers using their technology. Although China has yet to establish clear regulations for the trading of NFTs, Yifan He, CEO of Red Date Technology, the BSN developer, believes that digital collectibles will face a grim future if packaged as financial goods. By creating a new chain, BSN and China Mobile are supporting local NFTs China’s state-backed Blockchain-based Service Network (BSN) announced the addition of “Zhong Yi Chain,” developed by telecommunications ...