One of the builders of China’s Blockchain-based Service Network, Red Date Technology, has now acquired licensing rights from R3 to resell both the free and enterprise Corda implementations within China.
These reports mean that the Chinese banks will soon have full access to a permissioned version of the Corda Enterprise infrastructure using the country’s Blockchain Service Network.
Based on an official press release by R3, this news marks the first occasion of the BSN developer having the ability to resell enterprise blockchain technology from an overseas firm.
Developers will create a permissioned version of Corda because the R3 deal is with BSN China. This strategy is meant to comply with Chinese blockchain regulations. Moreover, with banks allegedly being one of the likely users of the network, the nation’s UnionPay cloud infrastructure will play host to the BSN Corda notaries.
This partnership also provides an entry point for R3 into the Chinese market after the firm’s massive expansion throughout Asia. While commenting on the importance of integrating an enterprise blockchain project like Corda on China’s Blockchain-based Service Network, Red Date Technology CEO Yifan He explained:
“Corda will go live in China via BSN’s Open Permissioned Blockchain Initiative to offer Chinese developers low-cost access to Corda technology. Red Date will also help to drive Corda and CorDapps’ adoption among all Chinese banks—enabling Chinese financial companies to streamline their business processes and receive the profound benefits of enterprise blockchain.”
Based on the announcement, Chinese companies will have access to Corda Enterprise via BSN public city nodes from Q3 2021. Red Date Tech allegedly plans to include some Corda-based decentralized applications as a part of the integration to bootstrap adoption for companies that will use BSN Corda.
Since its launch last year, BSN has continued to integrate many public blockchains to both the China-only and BSN international ecosystems. In February 2021, Cosmos (ATOM) became the first public blockchain to get included in the BSN China network.
Based on previous reports, TON Labs signed a partnership deal with BSN developers to adapt the Telegram-built TON protocol for China’s blockchain project.