Blockchain
Enter the economic giant: Klaytn to power the Chongqing Chain
China, with a GDP of US$17.7 trillion in 2021, is one of the largest economies in the world. Through a series of investments into blockchain, China is building the Blockchain-based Service Network (BSN), for which Klaytn Foundation will be a partner to build the open-permissioned Chongqing Chain.
Klaytn Foundation, an open-source blockchain ecosystem backed by internet giant Kakao Corp, will be contributing their technical expertise and business insights to provide the blockchain infrastructure and initial nodes for the Chongqing Chain, as well as to help develop the early use cases through a partnership with the Cloud Chain Technology.
The BSN is a multi-chain public infrastructure network that aims to be the standard for all blockchain deployments.[1] As of April 2022, BSN supports 28 blockchain frameworks, 19 portals, and over 25,000 developers and 3,000 applications across over 140 virtual data centers around the world.
“We see great synergies in developing the Chongqing Chain in parallel with the Klaytn mainnet, as it would make it possible for Klaytn developers to plug in to the China blockchain network, providing an entry into the massive China market, and vice versa for Chinese developers looking to go global. 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,” said David Shin, Head of Global Adoption at Klaytn Foundation.
“Following Klaytn’s integration to the BSN International earlier this year, we are excited to further strengthen the partnership by introducing the permissioned version of Klaytn, Chongqing Chain, to the Chinese market to support use cases related to NFT, metaverse, gaming and beyond”, said Yifan He, CEO of Red Date Technology and Executive Director of the BSN Development Association.
“We are very pleased to cooperate with Klaytn, and believe that with the support of Klaytn network’s innovation, security and scalability, the Chongqing Chain will provide developers with new technical solutions to enable a wide range of application scenarios. With the completion of the Chongqing Chain, it will become one of the OPBs on the BSN-DDC Network that will be attractive to enterprise users due to its low cost, availability in the process of technology implementation and ease of use,” said Xia Yong, CEO of Chongqing Cloud Chain Technology.
First projects on the chain will include Meta Tel, a decentralized Social Networking Service (SNS) that provides better data privacy and user-centric data, and minting of notable Chongqing and Korean IPs via the Chongqing Chain Distributed Digital Certificate (DDC), which is similar to the technology behind Non-Fungible Tokens (NFTs).
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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