ConsenSys Quorum, an Ethereum-backed Ledger Protocol, Teams Up With China’s BSN
Situated in New York, and renowned as Ethereum's globally-known ledger protocol, ConsenSys has announced that it will be partnering with the China-based Blockchain Service Network (BSN), bringing the enterprise ledger, Quorum, to China.
What sets this partnership apart from others is down to i. As part of this partnership, Quorum will be made available across 80 different cities within China; all of which operate as public city nodes of BSN's network. Quorum was previously developed as an open-source protocol layer for enterprise applications. Quorum was also used early on by the investment giant JP Morgan.
Charles d'Haussy, ConsenSys' Director of Strategic Initiatives, cited China's rapid growth in importance as a hub for strategic innovation and enterprise blockchain technology:
“China is a great example of where enterprise blockchain is a strong play… What Ethereum is doing with ConsenSys Quorum is connecting people who are essentially migrating from the permissioned chain to the global chain.”
For Quorum, the announcement represents an interesting change in fortunes. From being designed as a high-security, privacy-centric blockchain solution by JP Morgan, it fell into relative obscurity for some time, before being re-housed by ConsenSys. Even now, Quorum is a name that is synonymous with the bank and investment entity, even in d'Haussy's mind.
“Quorum was very much associated with JPMorgan, but there was also this open-source software which was available to many developers. It may not have been apparent, but there was this large audience of enterprise users, and we are now bringing to this ecosystem other products and applications from ConsenSys.”
In contrast, Blockchain Service Network (BSN) was a relatively new initiative; having been established by Red Date Technology, a blockchain-based software company, along with China's UnionPay, China Mobile, back in April 2020. Comprised of UnionPay and China mobile, BSN consists of a number of cloud environments and portals within China. What makes BSN such a valuable initiative comes from its connections to the Chinese government; being backed through the National Development and Reform Commission.
Simply put, BSN has been rapidly positioned as a major blockchain initiative within the country's ‘Digital Silk Road,' with BSN has deployed over 108 public city nodes in China. Over 88 cities and public cities are connected to this ecosystem as nodes across the world.
For BSN, this partnership would enable it to “substantially accelerate” its rollout to more cities worldwide, according to Red Date Technology CEO and Executive Director of the BSN Development Association,
“After the launch, BSN will include Quorum in BSN’s training programs in 2021 to substantially accelerate the enterprise adoption of blockchain technology and Ethereum-based solutions in China.”
In order to ensure global application, Red Date's CEO added that the partnership would include longer-standing interoperability between the two blockchain protocols. Permissioned blockchain solutions, d'Haussy explained, represented the best start to any technical journey including large firms, but that it would very much be a long-term undertaking.
But d'Haussy continued on to say that small and larger-scale suppliers lack the connection they once did, and are more receptive to blockchain technology as a means of re-establishing that same connection.
“China’s industries, which are a global network of large and small suppliers, are not integrated as they were in the past… They are jumping on coordination tools such as blockchain.”