R3 Corda to be Incorporated into China’s Blockchain Project BSN

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R3 Corda to be Incorporated into China's Blockchain Project BSN
R3 Corda to be Incorporated into China's Blockchain Project BSN

Chinese banks will soon be able to access the licensed version of the Corda Enterprise infrastructure through the country’s blockchain service network.

BSN Developers to Resell Blockchain Technology 

The blockchain-based service network in China is also manufactured by Red Date Technology and has received the R3 license to resell the free Corda implementation solutions for companies in China.

According to R3’s press release, it will be the first time BSN developers have been able to resell blockchain technology from overseas companies.

Since R3 has an agreement with BSN China, developers will create a licensed version of Corda to comply with Chinese blockchain regulations. In addition, it is reported that the bank is one of the potential users of the network and the country’s UnionPay cloud infrastructure will host the BSN Corda notary.

With R3’s significant expansion in Asia, this partnership also provides an entry point for R3 into the Chinese market.

He Yifan, CEO of Red Date Technology, commented on the importance of integrating Corda and other blockchain projects for companies in BSN. He commented: “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.”

Major development for Chinese Blockchain Industry

According to the announcement, Chinese companies will access Corda Enterprise via the public city node BSN from the third quarter of 2021. According to reports, the Red Date Tech plan includes some Corda-based decentralized applications as part of the integration to drive the rollout of BSN Corda companies.

Since its launch in 2020, BSN has integrated several public blockchains into the international ecosystems only in China and BSN. Cosmos (ATOM) was added to BSN China as the first public blockchain back in February