Bianjie, the core development team behind IRISnet, has launched WenChang Chain, the first BSN (blockchain-based service network) Open Permissioned Blockchain (OPB) Initiative to go to market.
Powered by Cosmos’ interoperable blockchain ecosystem, WenChang Chain’s low-cost, user-friendly, open blockchain platform allows developers to deploy and implement smart contracts based on a variety of virtual machine environments and provides an interoperability standard for decentralized applications (dApps) to access and achieve invocation between smart contracts and off-chain data/computing.
A consortium blockchain implementation, WenChang Chain refactors the advanced underlying technology of public chains, including Cosmos Hub and IRISnet, to become compliant with Chinese enterprise standards and offers permissioned controls over node deployment and multi-level management of security. The global city node infrastructure, deployed by BSN, presents developers with a ready, open blockchain network so they can focus on refining the application layer, develop business logic, and deploy dApps in an easy and more cost-effective way.
“BSN’s OPB initiative is a major milestone for China’s blockchain development,” Red Date Technology CEO and BSN executive director Yifan He said. “China had been longing to embrace public chain technologies for years but there wasn’t an effective way to do so because the regulators are not a fan of cryptocurrency. We have been working closely with the Bianjie team in a few projects and they are a very supportive partner.
“We are working hard on interoperability across all blockchain ecosystems. BSN’s OPBs will interoperate with traditional permissioned frameworks within the BSN ecosystem and other OPBs outside the system. OPBs will form a unique landscape and become mainstream in China, and BSN is proudly leading this initiative.”
“Industry leaders joined the BSN Open Permissioned Blockchain (OPB) Initiative, formed in September 2020, to promote the orderly development of public chain technologies in China in a legal and compliant manner,” Bianjie cofounder Harriet Cao said. “We are proud to be the first OPB to launch. In order for blockchain technology to play a greater role in empowering the real economy, the technology must adhere to regulatory standards. Since 2014, the tried and tested technology of Tendermint and Cosmos has been used to actively build the software needed to reconstruct a more resilient economy, currently, over $6B in digital assets have been secured on Cosmos blockchains, making it the ideal home for enterprise blockchain applications.
A decentralized network of independent, scalable, and interoperable blockchains, Cosmos focuses on scalability and usability, to enable developers to rapidly and easily build blockchain applications. By enabling blockchains to transact with one another, Cosmos creates a network of application-specific chains. IRISnet — an interchain service hub for next-generation distributed applications is one of the main open-source early contributors of the Cosmos network project. IRISnet recently developed an enterprise product, a consortium blockchain called IRITA, which uses IRISnet iServices as well as privacy computing technology serving important customers in China, including provincial/state level blockchain platforms such as BSN, leading Internet healthcare service providers, and leading insurance service providers.
Ecosystem partners can expedite the deployment of business applications on WenChang Chain. Myriad applications, including CA digital certificates, identity authentication, e-signature, and electronic invoicing, will become available on WenChang Chain.
