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BEIJING, July 1, 2022 /PRNewswire/ — Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF) and Zetrix have jointly announced the introduction of Blockchain-based Identifiers (BID) / Verifiable Credentials (VC) and Blockchain-based E-signing services to international markets, a major milestone in enabling cross-border business with China on the blockchain.
Xinghuo BIF is a China international blockchain infrastructure supported by all levels of the Chinese Government while MY EG Services Bhd (“MYEG”), via its Zetrix blockchain, runs the International Supernode of Xinghuo BIF to connect entities outside China to the Xinghuo BIF. Xinghuo BIF presently resolves 94mil identifiers daily, placing it as the most actively used platform and validates this use case in real world applications.
The BID, an official DID method listed in the DID Specification Registry of World Wide Web Consortium (W3C), is a new approach to realize decentralized identity based on Xinghuo BIF. The initial phase of the BID rollout will include the introduction of Chinese-related credentials, agreements and the corresponding legal frameworks that would serve as the foundation for the establishment of such agreements. Zetrix will connect Chinese parties signing on the domestic Xinghuo BIF network with their international counterparts signing on the Zetrix network.
The BID service is an extension of the existing Xinghuo BID and Xinghuo Blockchain-based E-Signing services that was officially deployed in February 2022. On 12th October 2021a Memorandum of Understanding between China Academy of Information and Communications Technology (CAICT) and Malaysia-based MYEG, which established the Zetrix…
Full story available on Benzinga.com
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