China’s BSN Announced New Cosmos Integration: Report

China’s BSN announced a new integration with Cosmos and now the platform became the first public blockchain to be added to the Chinese version of the Blockchain-based service network as we can see more in today’s Cosmos news.

The Blockchain-based service network which is China’s first blockchain infrastructure announced it had adapted Cosmos to its Chinese network. China’s BSN announced that it will only support permissioned enterprise blockchains. With Cosmos being integrated into the Chinese BSN we could expect some interesting things to come out. The integrated Cosmos is an open-permission blockchain which is a hybrid developed the Bianjie that is a company behind the development of IrisNet.

Back in September 2020, IrisNet was among the few networks that were added to the BSN ecosystem along with other chains like Tezos, NEO, EOSIO, Ethereum, and Nervos. Later in the same month, the cross-framework and cross-portal infrastructure project added other public blockchains like ShareRing, Algorand, and Solana. BSN stated in the past that it has plans to integrate more than 40 blockchains before the end of the summer. Given this goal and the promotion of permissioned blockchain interoperability, Cosmos’ integration could mark a very important step in achieving this goal. Cosmos is a multi-chain ecosystem and is mostly focused on cross-chain value transfers for both data and digital assets.

The need for a permissioned version of the multi-chain protocol goes hand in hand with China’s regulatory environment which applies to the China BSN and the international dichotomy as well. Back in January, Cosmos rolled out its Inter Blockchain Community protocol for all developers, as a part of the new Stargate software development platform. As reported previously, Cosmos is now a pioneer in developmental work that is focused on expanding the emerging decentralized finance space beyond Ethereum. In mid-2020, Kava launched on the Cosmos blockchain which allows users to stake Binance coin and even earn its USDX stablecoin.

Right now, the platform is looking for adoption outside of the DeFi space with Microsoft purchasing soil credits through the Regen Network that is also built on the Cosmos blockchain. Also, we reported previously, China is working out how to make a stronger blockchain adoption rate and it is developing a new project that is aimed at integrating international central bank digital currencies as a part of the BSN.