China’s Blockchain Services Network (BSN) has revealed plans to integrate the pemissioned version of Cosmos (ATOM) into its platform. The BSN’s primary objective is to foster blockchain adoption as well as interoperability between various private distributed ledger technology (DLT) networks, according to a Ledger Insights report on February 2, 2021.
Cosmos (ATOM) Live on BSN
While the Chinese government have since shut its doors against public cryptocurrencies such as bitcoin (BTC), the Asian giant, however, remains focused on being a global leader in the blockchain technology ecosystem.
In the latest development, the nation’s Blockchain Services Network (BSN), is set to offer support for the permissioned version of Cosmos (ATOM), a distributed ledger technology (DLT) network that aims to make it possible for various blockchains to exchange data in a seamless manner.
Per the team, the permissioned version of the Cosmos network is dubbed WenChang Chain named after the Hainan province city. The BSN pilot project was first conducted in October 2019 and it officially went live in April 2020, with a primary mission of making it possible for small and medium enterprises (SMEs) to adopt blockchain technology in a frictionless and cost-efficient way.
Interoperability Across Blockchains
Commenting on the addition of Cosmos, Yifan He, Executive Director of BSN and CEO of Red Dat Technology reiterated that the success of the project is a significant achievement for China’s blockchain ecosystem.
“BSN’s Open Permissioned Blockchain (OPB) initiative is a major milestone for China’s blockchain development. 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 cryptos. We are working hard to foster interoperability across all blockchain ecosystems. BSN’s OPBs will interoperate with traditional permissioned frameworks within the BSN platform and other OPBs outside the system.”
Described as an Internet of blockchains by its creators, Cosmos (ATOM) is dedicated to fostering an ecosystem of DLT networks that can share data and value in a frictionless way.
At press time, the price of Cosmos’ native cryptocurrency, ATOM is up by 10.45 percent in the past 24-hours, trading at $8.91, with a market cap of $1.86 billion, as seen on CoinMarketCap.