China’s Blockchain Services Network to Implement NFT Infrastructure This Month

The BSN-Distributed Digital Certificate infrastructure will launch via a permissioned network with the NFTs being unlinked to cryptocurrency.

article-image

Beijing skyline. Credit: Shutterstock

share

key takeaways

  • The Blockchain Services Network is launching API infrastructure that will enable businesses to build their own apps and portals to manage NFTs
  • The BSN-Distributed Digital Certificate infrastructure will launch via a permissioned network with the NFTs being separate from public blockchains

China’s Blockchain Services Network (BSN) is planning to implement the necessary infrastructure this month that would see the creation of a domestic non-fungible token (NFT) industry, one that doesn’t involve cryptocurrency.

According to a report by The South China Morning Post on Wednesday, the state-backed network’s infrastructure will enable application programming interfaces for businesses and individuals to build their own apps and portals to manage the tokens.

Non-fungible tokens are unique digital assets used to represent ownership over virtual and real-world assets.

He Yifan, chief executive of Red Date Technology, one of the four co-founding companies of the BSN, told SCMP NFTs will see future annual outpoint ranging in the “billions.”

Dubbed the BSN-Distributed Digital Certificate, to distance from crypto-centric NFTs, the infrastructure will launch via a permissioned network as opposed to public chains which are “illegal in China,” said He.

The only currency allowed for purchases and service fees on the network is the yuan. So far, the infrastructure has attracted more than 20 partners since the Blockchain Services Network was first launched in 2020, including one adapting the Cosmos blockchain system and digital e-invoicing SAAS provider Baiwang, per the report.

China’s history with cryptos such as bitcoin and ether, which are banned throughout the country, is long and complicated. The nation was once a major hub for crypto traders and miners but has since switched stance believing cryptos are a threat to financial stability and their national economy.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

After the Kraken-CertiK incident earlier this week, Ledger’s Charles Guillemet weighed in on white hat hackers

article-image

While memecoins may seem harmless, I believe this speculative playground is detrimental to the long-term health of the DeFi

article-image

Trump insiders say he will dismantle the anti-crypto army within an hour of taking office, but the campaign has been quiet about how it plans to do so

article-image

Plus, Solana set a record for weekly unique active addresses on the network last week

article-image

Launching cryptocurrencies the old fashioned way may soon make a return