Cross border services include Decentralised Identifiers (DID) to facilitate Global Trade and International Finance
SHENZHEN, China, Nov. 17, 2022 /PRNewswire/ — China’s national blockchain, Xinghuo Blockchain Infrastructure and Facility (XInghuo BIF) inked an agreement with MY E.G. Services Bhd (MyEG) for MyEG to own and operate the Xinghuo International Supernode that will provide connectivity to the rest of the world at the 2022 China Internet Conference hosted by China’s Ministry of Industry and Information Technology (MIIT) and Shenzhen Municipal People’s Government. The agreement also entails the cross-border adoption and utilisation of the latest Decentralised Identifier standard (DID) to gradually create the Web3 of China and beyond.
Xinghuo BIF is a global blockchain infrastructure devoted to a trustworthy digital foundation for the world. Up till now, 7 Xinghuo BIF supernodes cover main areas in China and 29 backbone nodes provide services to a broader range of industries and cities. Xiamen and Liuzhou Supernodes, Jiaozhou (Shandong) and Hengqin (Guangzhou) backbone nodes empower cross-border trade and provide international service overseas. International enterprises including SAP and Siemens partnered with Xinghuo to promote global blockchain innovative applications. Presently, Xinghuo BIF resolves approximately 100 million blockchain identifiers daily, placing it as the most actively used blockchain platform globally.
The international supernode will connect to MyEG’s layer-1 permissioned public blockchain, Zetrix, which is fully compatible with Xinghuo. This enables Zetrix network’s on-chain assets and transactions to cross seamlessly into Xinghuo, connecting governments, businesses and their people to a global blockchain-based economy.
Commenting on the partnership, Xiaohui Yu, President of CAICT said,” We should cooperate more in building node network, seize the opportunity presented in the next generation of Internet and empower industries with blockchain and other technologies, thus providing solid infrastructure and advancing innovative development.”
The agreement marks a milestone achievement in Xinghuo BIF’s global expansion since the Memorandum of Understanding that was signed on 12th October, 2021. The international supernode will connect to MyEG and develop blockchain infrastructure applications, which will increase the interconnectivity of infrastructure in countries, and enhance the capability of cross-chain operation. With its technologies and public service capabilities, Xinghuo BIF will provide blockchain services to Malaysia and other ASEAN countries and assist in cross-border commodity-tracing, identity verification and supply-chain finance.
Wong Thean Soon, Group Managing Director of MyEG and co-founder of Zetrix said, “Xinghuo BIF is already the most advanced and heavily utilised chain for industrial and trade applications. Now with the commencement of the Xinghuo International Supernode, the rest of the world can connect and be part of the China Web 3 evolution that will promote the establishment of international communities and facilitate global trade and finance.”
Xinghuo BIF and MyEG’s layer-1 public blockchain, Zetrix, had previously announced the introduction of cross chain Blockchain Identifiers (BID), Verifiable Credentials (VC), and on Chain Agreement signing. BIDs and VCs are critical building blocks of more interconnected Web 3, as they are the foundational tools that decentralised apps can call upon to deliver a myriad of new services.
The agreement between the parties was befittingly signed on-chain on the Xinghuo-Zetrix blockchain ecosystem.
About MY E.G. Services Bhd (“MyEG”)
MyEG is Malaysia’s premier digital services company. Having commenced operations in 2000 as the flagship e-government services provider, MyEG continues to play a leading role in driving technological change in the region, bringing a diverse and complete range of innovations spanning the online delivery of major government services to a variety of commercial offerings in the areas of immigration, automotive, healthcare and financial services, among others. Committed to staying firmly at the forefront of the region’s digital revolution, MyEG has embraced the potential of blockchain technology to enhance all aspects of life and is actively pioneering its adoption across its main markets
. MyEG has operations in key regional markets such as the Philippines and Indonesia.
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Owned by My E.G. Services Bhd, the cross-border and cross-chain integration with Xinghuo Blockchain Infrastructure and Facility (BIF) enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC). To learn more about Zetrix, visit Website | Twitter |
About Xinghuo BIF
Xinghuo BIF is a national blockchain infrastructure supported by Ministry of Industry and Information Technology and led by the China Academy of Information and Communications Technology (CAICT). It provides services mainly to industrial Internet, makes breakthroughs in Internet identifier, increases the application of blockchain and drives the economy. With open construction strategies and governance model, Xinghuo BIF positions as a national blockchain infrastructure that provides service to the world and its construction was started in Aug 2020. On 3 Aug 2021, CAICT released BIF-Core, which marks the start of its primary chain operation and global service.