Unfurling In The Blockchain Sphere: Kakao’s Klaytn Setting Up A Blockchain In China

• Klaytn plans to set up an open-permissioned blockchain for China’s BSN. 

• The move is intended toward a path into the blockchain space of China. 

• The Chongqing Chain might become one of the open permissioned blockchains on the BSN-DDC network.

South Korean Internet giant Kakao’s public Blockchain Klaytn plans to build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network (BSN) for the Middle Kingdom’s domestic utilization. 

Klaytn recently highlighted that it would participate in establishing a permissioned version of Klaytn called Chongqing Chain. And this intends to be a path into the blockchain space of China. 

According to the Head of Global Adoption at Klaytn Foundation, David Shin, they see great synergies in creating the Chongqing Chain in parallel with the Klaytn mainnet, as it would make it possible for Klaytn developers to plug into the China blockchain network, further enabling an entry into the huge China market and same for the Chinese developers looking to go global. 

And that being in China will also facilitate them to develop diverse use cases to bring about the mass adoption of Blockchain, strengthen the Klaytn ecosystem, and help them develop robust infrastructures to support the development of metaverses.

Klaytn plans to enable the blockchain infrastructure and initial nodes and develop early use cases via collaboration with Cloud Chain Technology.  

Blockchain-based Service Network (BSN) is basically a Chinese state-backed project that works as two entities, BSN International and BSN China. And Klaytn became a part of BSN’s International network in January this year. 

Furthermore, the Chongqing Chain is anticipated to become one among the open permissioned blockchains on the BSN-DDC network, which is a non-cryptocurrency infrastructure for digital collectibles popularly known as Non-Fungible Tokens (NFTs). 

A press release signifies that BSN currently backs twenty-eight blockchain frameworks with over 25,000 developers utilizing the technology. 

If we talk about NFTs in China, the dragon is yet to specify the regulations regarding NFTs trading. 

Even though China is a vehement critic of cryptocurrencies, it still deploys its underlying technology as the country is not hesitating while expanding its existence in the Blockchain sector. It is to look forward to what more it does in the sector and its stand towards the NFTs industry. 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.