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Usha Yadav
May 17, 2022
by Usha Yadav

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

Kakao BSN
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.

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 giant China Mobile, to its open permissioned blockchain ecosystem to boost the growth of non-fungible currencies generated in the country (NFTs). The new chain supports the BSN-DDC network, which enables NFT issuance in China without monetary transactions.

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Kakao Klaytn Blockchain in China BSN
Klaytn, a Kakao Subsidiary, will Collaborate With BSN to Develop Blockchain in China
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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