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China’s State-Backed Blockchain Services Provider BSN to Integrate Findora’s Privacy-Preserving Financial Infrastructure

Place/Date: - February 9th, 2021 at 8:48 am UTC · 3 min read
Contact: Abram Smith, Source: Findora

China’s State-Backed Blockchain Services Provider BSN to Integrate Findora’s Privacy-Preserving Financial Infrastructure

Findora, a zero knowledge decentralized finance technology provider announced today that it has partnered with BSN (Blockchain-based Service Network), the blockchain infrastructure provider backed by the Chinese government. This agreement will see Findora integrating its technologies through APIs and SDKs onto the network infrastructure, as BSN onboards Findora’s confidential-yet-auditable blockchain into its offerings to developers.

Yifan He, the executive director of BSN Development Association and CEO of Red Date Technology, said:

“Data privacy and protection of individual financial assets is critically important in a modern digital world. We are proud to attract partners like Findora that leverage blockchain technology in financial services to enable reliable data transactions and to protect privacy.“

Launched last April, BSN is a unified blockchain ecosystem which offers developers low cost, high bandwidth cloud storage facilities in addition to tools such as software development kits (SDKs) and uniform ‘framework adoption’ standards. Its goal is to create a single domain that allows disparate and globally dispersed blockchain networks to communicate and operate with interoperability and interconnectivity. BSN was co-founded by state-owned telecom giant China Mobile, UnionPay and fintech Red Date.

BSN introduces Findora’s confidential blockchain and zero knowledge technology as a pioneer to its broad developer and user community within and outside of China. Findora’s technology and blockchain enable privacy preserving financial applications, DeFi, and some highly desirable features like public auditability, programmable asset policies and verifiable selective disclosure. Its network also supports traceable confidential asset issuance and transfer, a solution much sought after by global financial institutions and banks for digital CBDC issuance.

Dr. Whitfield Diffie, Findora Advanced Research Institute and 2015 Turing Award Winner & ACM Fellow, said:

“Findora and BSN share the same vision of the future of global decentralized financial infrastructure, a system that is confidential, scalable, auditable, and interconnected. Integrating with BSN and its universal blockchain service network is an important step in allowing individuals and enterprises of all sizes to control their own data, identity, and financial assets.’’

With aligned visions of seamless cross-chain communication as well as selective disclosure and transparency, BSN and Findora look forward to forging a future where blockchain development is accessible and interoperable.

About Findora

Founded in 2017, Findora is an open, private financial network that is owned and democratically secured by a decentralized network of worldwide organizations and economically incentivized parties. Using Findora, developers can create digital assets, applications and smart contracts which can transparently preserve confidential information using advanced cryptography. Findora is a market leader in zero-knowledge proof and multi-party computation technologies with strong distributed system engineering capability.

About BSN

BSN was co-founded by China state-owned telecom giant China Mobile, UnionPay and fintech company Red Date Technology in April 2020. The project aims to provide cloud services and a standardized development environment for blockchain developers.  BSN is split into two versions: a domestic version, where only permissioned blockchains are available, and a global version, which allows developers around the world to build or run decentralized applications (dapps) on public chains adapted to its development environment.

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