China is building its own NFT industry based on a

China is building its own NFT industry based on a government-backed blockchain infrastructure

The government-backed Chinese Blockchain Services Network (BSN) plans to introduce an infrastructure for the use of non-fungible tokens (NFT) this month.

Source: Handout

Image source: Handout

He Yifan, CEO of Red Date Technology, a tech support firm for BSN, told the South China Morning Post that NFT tokens won’t have any legal issues in China as long as they distance themselves from cryptocurrencies banned in the country like Bitcoin.

The infrastructure was called BSN-Distributed Digital Certificate (BSN-DDC) to differentiate it from NFT with crypto transactions. It contains application programming interfaces that companies or individuals can use to create their own custom portals or applications for NFT management. Purchases and services can only be paid for in yuan.

NFTs are launched and traded on public blockchains, which are decentralized platforms that provide access to any user. However, public networks are illegal in China, where all internet systems verify the identity of users and allow government intervention in the event of “illegal activity,” Yifan said.

With that in mind, Red Date turned to a solution called Open Chain with Permissions, a customized version of the blockchain that a specific group can manage.

BSN, which serves as the base platform for the NFT project and is supported by the state carriers China Mobile, China UnionPay and the State Clearinghouse, has “localized” over 20 public networks since its introduction in 2018.

Yifan said BSN-DDC will connect 10 networks, including a customized version of Ethereum and Corda, as well as internal networks like the Fisco Bcos of fintech company WeBank, which is supported by Tencent.

Ant Group, the fintech subsidiary of Alibaba Group Holding, and Tencent Holdings were the first Chinese tech giants to implement NFT, bringing dozens of products to market since last summer. and Baidu followed with their own digital collectibles. Even the state news agency Xinhua picked up the idea and distributed over 100,000 digital collectibles on Christmas Eve.

BSN-DDC has already gained more than 20 partners, including the blockchain network Cosmos, the manufacturer of digital reception systems Baiwang and the video technology service provider Sumavision.


About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment