Blockchain
BSN Launches Global Open-Source Spartan Network To Enable Public IT Systems
The Blockchain-based Service Network (BSN) announced the beta launch of the BSN Spartan Network, a public infrastructure network that will provide non-cryptocurrency blockchain services to any IT system globally. The network initially launched with three non-cryptocurrency public chains, including non-crypto versions of Ethereum, Cosmos and PolygonEdge. Leading enterprises such as HSBC, Emperor Group, and Lan Kwai Fong Group presented BSN Spartan Network use cases at the BSN Spartan Global Summit, held in Hong Kong today. Known for its earlier initiatives in China, the BSN’s Spartan Network is only available outside China.
“99% of the world’s IT systems do not use cryptocurrency-based public chains to avoid being involved in unregulated and volatile cryptocurrencies. The BSN Spartan Network provides an infrastructure that integrates non-cryptocurrency public blockchains that can be used by any traditional IT system to leverage the capabilities of the underlying blockchain technology in an easier and more cost-effective way,” said Yifan He, CEO of Red Date Technology, the technical architect of the BSN.
“We are excited about the possibilities the BSN Spartan Network opens up for Hong Kong corporates to digitize, tokenize, and automate their business processes. We look forward to exploring how our HSBC DLT Settlement Utility (HDSU) solution can streamline payment processes for business partners on the network, and help our customers benefit from this next wave of business and financial innovation,” said Vincent Lau, Regional Head of International Payments for Asia Pacific at HSBC.
The BSN Spartan Network is an infrastructure to serve all traditional IT systems, not for issuing and trading cryptocurrencies, and consists of virtual data centers which are open source and free to download from GitHub. Individuals and businesses can set up data centers on the BSN Spartan Network anonymously and pay gas fees on non-cryptocurrency public chains using fiat currency or fiat-backed stablecoins such as USDC. The cost of using public chain technologies is also dramatically reduced. As an example, the cost of minting a standard ERC721 NFT on Spartan-I Chain (the non-cryptocurrency version of Ethereum) is fixed at 3 cents USD, several orders of magnitude lower than minting on cryptocurrency-based Ethereum.
“Out of the many use cases in blockchain technology, most of the general public would usually only think of those related to digital assets with the common examples of cryptocurrencies, NFT digital art, and metaverses. As one of the retail market leaders, we are keen to explore the opportunities to introduce and leverage blockchain technology for broader accessibility, in which this digital access could also create great value to our customers, the retail markets, and the general public. We are of like mind with the BSN about the ability to commercialize this technology,” commented Leo Tsang, Group CIO for Emperor Group, a diversified group of businesses that includes Property, Financial Services, Watch and Jewellery, Entertainment & Culture, Hospitality, Digital Media and Home Living.
“With blockchain and Web3, I see many possibilities to enrich the LKF experience for visitors and operators alike. LKF Group’s DNA for 40+ years is about embracing community and making the most out of lifestyle experiences, and BSN Spartan Network is a great enabler for the next generation,” said Jonathan Zeman, CEO of Lan Kwai Fong Group, the diversified property development group.
The BSN Spartan Network is a decentralized network governed by the BSN Foundation (https://spartan.bsn.foundation/), with each member operating a governance data center that hosts all the validator nodes of non-cryptocurrency public chains. Any matters related to the governance of the BSN Spartan Network, such as adding a new chain or gas fee adjustments, will be decided by the BSN Foundation members. The BSN Foundation will start with five members, growing to 10 by the end of 2022, and 30 by the end of 2023.
“We are building the next layer of the internet, a public layer serving public IT systems that has the benefit of greater transparency, easy connectivity, and individual ownership of data compared to private IT systems today,” said Tim Bailey, VP of Global Sales for Red Date Technology.
Blockchain
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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