An open-source blockchain ecosystem made by internet giant Kakao Corp, Klaytn Foundation announced that it will be powering up the Chongqing chain.
China is one of the biggest economies as it had a GDP of US$17.7 trillion in 2021. With a constant series of investments into the blockchain, China is creating a Blockchain-based Service Network (BSN), and Klaytn Foundation will be a partner in building the open-permissioned Chongqing Chain.
Klaytn Foundation will be providing its technical expertise along with business insights to supply the blockchain infrastructure and initial nodes for the Chongqing Chain. It will also assist the development of early use cases by partnering up with Cloud Chain Technology.
Initial projects on the chain will have Meta Tel that is a decentralized Social Networking Service (SNS) which gives better data privacy and user-centric data, and minting of notable Chongqing and Korean IPs through the Chongqing Chain Distributed Digital Certificate (DDC), just like the technology of Non-Fungible Tokens (NFTs).
“Being in China will also help us to develop diverse use cases to bring about the mass adoption of blockchain, strengthen the Klaytn ecosystem and help us in building robust infrastructures to support the development of metaverses,” the Head of Global Adoption at Klaytn Foundation, David Shin said.
Also Read: Chinese Ministry Promoting Blockchain Development
The BSN is a multi-chain public infrastructure network that is aiming to be the standard for all blockchains. BSN is currently supporting 19 portals, 28 blockchain frameworks and more than 25,000 developers and 3,000 applications within 140 virtual data centers around the globe.
