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Kakao’s Klaytn to build blockchain in China with BSN

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Kakao’s Klaytn to build blockchain in China with BSN

Klaytn, South Korean internet giant Kakao’s public blockchain, will build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network’s (BSN) infrastructure for the Middle Kingdom’s domestic use.

Fast facts

  • Klaytn said on Tuesday it will take part in establishing the Chongqing Chain, a permissioned version of Klaytn, which intends to be the gateway into China’s blockchain market.
  • The BSN is a Chinese state-backed project that is split into two entities: BSN China and BSN International.
  • Klaytn joined BSN’s international network in January 2022.
  • The Chongqing chain is expected to become one of the open-permissioned blockchains on the BSN-DDC network, a non-cryptocurrency infrastructure for non-fungible tokens (NFTs), or locally referred to as “digital collectibles.”
  • BSN supports 28 blockchain frameworks with more than 25,000 developers using its technology, according to a press release.
  • China has yet to set clear regulations on the trading of NFTs, but Yifan He, CEO of Red Date Technology, the BSN developer, has told Forkast that he sees a bleak future for digital collectibles if NFTs continue to be packaged as investment products.


Source: ethereum.today

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