R3, the enterprise blockchain software firm, today announced a partnership with Red Date Tech, a key infrastructure developer of China's Blockchain-based Service Network (BSN), to license Corda Enterprise for the development of a permissioned blockchain network in China and a free Corda-based Open Permissioned Chain on BSN China.
This collaboration also marks the first time BSN has acquired rights from an overseas blockchain provider like R3 to resell its enterprise blockchain platform in China—allowing local Chinese firms to benefit from the capabilities unique to Corda, including high performance, privacy, and security.
To develop the Corda-based blockchain network in China, the first step is to roll out an open permissioned version with Corda’s open-source nodes, allowing BSN developers to utilise Corda. All enterprise nodes will be added to the BSN network, connecting to the same notary nodes deployed on China UnionPay's Cloud. China UnionPay, as one of BSN’s founding members, will assist with the development of the China Corda-based blockchain Network by hosting the notary nodes on its cloud.
Amit Ghosh, Head of APAC of R3 said: "China understands the profound and transformative capabilities of blockchain technology—and has underpinned its position at the forefront of blockchain innovation through BSN. R3 is honoured to bring Corda Enterprise to the Chinese market, giving Chinese industry actors access to a permissioned blockchain platform that provides all the benefits of blockchain for businesses—addressing issues of cost, expediency, efficiency and profitability.
"Our partnership aligns with China's ultimate goal to drive greater collaboration, innovation, and development in the blockchain space as well as marking a major milestone for R3. This collaboration paves the way for greater adoption of Corda in the Chinese market—supporting the continued growth of numerous industries including trade finance, supply chain, capital markets, insurance, and financial services," Ghosh added.
Corda prioritises enterprise integration and presents businesses in China with a solution that is easily deployable and offers a seamless process—from setting up, to developing and operating blockchain solutions. To further facilitate and drive the adoption of Corda in China, Red Date will import selected existing CorDapps for Chinese customers—allowing businesses in China to experience Corda without the need to develop their own applications from scratch.
Yifan He, CEO of Red Date Tech and Executive Director of BSN Development Association said: “We're aware of R3's huge success outside China. We are thrilled that in just four months, Corda will go-live in China via BSN’s Open Permissioned Blockchain Initiative to offer Chinese developers’ low-cost access to Corda technology. Red Date will also help to drive Corda and CorDapps’ adoption among all Chinese banks—enabling Chinese financial companies to streamline their business processes and receive the profound benefits of enterprise blockchain.”
Corda Enterprise will be available to Chinese firms through the BSN public city nodes by the 2nd half of 2021.