Chinese banks will soon have access to a permissioned version of the Corda Enterprise infrastructure via the country's Blockchain Service Network.
Red Date Technology, one of the builders of China’s Blockchain-based Service Network, has obtained licensing rights from R3 to resell both the free and enterprise Corda implementations in China.
According to a press release by R3, the news marks the first occasion of the BSN developer being able to resell enterprise blockchain technology from an overseas company.
Since the R3 deal is with BSN China, developers will create a permissioned version of Corda to comply with Chinese blockchain regulations. Also, with banks reportedly being one of the likely users of the network, the country’s UnionPay cloud infrastructure will play host to BSN Corda notaries.
The partnership also offers an entry point for R3 into the Chinese market following the company’s significant expansion across Asia.
Commenting on the importance of integrating an enterprise blockchain project like Corda on the BSN, Red Date Technology CEO Yifan He remarked:
“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.”
According to the announcement, Chinese firms will have access to Corda Enterprise via BSN public city nodes from Q3 2021. Red Date Tech reportedly plans to include some Corda-based decentralized applications as part of the integration to bootstrap adoption for businesses that will utilize BSN Corda.
Since launching in 2020, BSN has continued to integrate several public blockchains to both the China-only and BSN international ecosystems. Back in February, Cosmos (ATOM) became the first public blockchain to be added to BSN China.
As previously reported by Cointelegraph, TON Labs inked a partnership deal with BSN developers to adapt the Telegram-built TON protocol for China’s blockchain project.