BSN Introduces NFT Infrastructure Platform in China

BSN Introduces NFT Infrastructure Platform in China

BSN Introduces NFT Infrastructure Platform in China

By Eliza Gkritsi

The platform uses open permissioned chains to comply with Chinese regulations that discourage public blockchains.

The Blockchain-Based Service Network (BSN), China’s state-sanctioned blockchain infrastructure project, said it is releasing its platform for non-fungible tokens (NFT) in the country today.

  • The BSN-Distributed Digital Certificate (BSN-DDC) network is a structure for building NFTs that is compliant with Chinese regulations, the organization said in a press release. Authorities in China discourage public networks like Ethereum that are commonly used in the NFT ecosystem.
  • Instead, as CoinDesk reported in October, BSN is making 10 Open Permissioned Blockchains available on the BSN-DDC. These are localized versions of their permissionless counterparts that set restrictions on who can participate in network governance and use fiat currency for payment. DDCs are the same as NFTs, but renamed to emphasize their uses for certification.
  • Five of the 10 chains were named: Ethereum-based Wuhan Chain, Wenchang Chain powered by Cosmos-based IRISnet, Corda-based Zunyi Chain, EOS-based Zhongyi Chain, and FISCO BCOS-based Tai’an Chain.
  • Some platform partners were also announced: The state-owned museum and auction house Rong Bao Zhai Auction, state-backed Hainan International Culture and Artworks Exchange Center – which has acquired the first license for an NFT marketplace in China, consulting firm EY’s blockchain division, video technology provider Sumavison, electronic invoice provider Baiwang and Digital Art Fair Asia, an NFT-focused company from Hong Kong.
  • Another 26 founding partners, as well as the roadmap and governance structure will be announced in a launch ceremony in the city of Nanjing in March.
  • The BSN-DDC is based on the Blockchain Services Network, a platform where developers can build and deploy decentralized applications at a low cost.

 

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