Singapore to get China’s FISCO BCOS blockchain

The FISCO BCOS blockchain is all set to step out of China borders and enter Singapore’s blockchain ecosystem. The digital bank of China, WeBank has teamed up with Singapore’s Opennodes.

About the Partnership

WeBank, a private Chinese digital bank, with Tencent having the highest ownership stake, has announced its joint venture with Singapore government-backed Open nodes. The main task is to bring the FISCO BCOS blockchain to Singapore.

The EP and CIO of WeBank, Henry Ma said on the partnership, 

“Combining forces is the first stepping stone to expanding the consortium into South Asia, and ensures we are well fed by a constant source of knowledge, technology expertise and domain experience.”

The initial target of the partnership is to introduce the FISCO BCOS blockchain to students of some of the reputed universities and allow them to work on their ideas on the blockchain technology.

What is FISCO BCO blockchain

FISCO BCO is a secure and reliable financial grade open-source blockchain platform led by a Chinese enterprise. The platform is coinless and open to the public which means it is a public permissioned blockchain where only authorized organizations can host nodes.

Features include,

  • Fast transaction rate nearly a thousand transactions per second(TPS)
  • Concurrent computation and a multichain architecture with cross-chain interactions.
  • It supports Zero-knowledge proof which allows users to reveal information without sharing data.
  • The system has observatory nodes which are used by regulators and moderators.

About WeBank in Brief

WeBank is a Chinese Neobank which operates exclusively online without any physical branches. Headquartered in Shenzhen China, started operations in 2015.

It was founded by a group of companies including Tencent, Baiyeyuan, Liye group etc, with Tencent being the highest shareholder of 30% ownership.

Webank does not rely on property guarantees to provide loan but rather use facial recognition technology and bid data credit ratings.

Also Read: China announces the launch new Blockchain service network

OpenNodes – A Quick Check

OpenNodes is Singapore’s first government-supported hyperconnected blockchain ecosystem. It is designed to bridge the gap between the local blockchain communities.

It educates the corporates and connects them to the technologies. It is run by Tribe Accelerator and funded by Singapore’s Infocomm Media Development Authority (IMDA) with other government stakeholders.

Managing partner of Tribe Accelerator which operates OpenNodes commenting on the partnership said,

Having a digital banking trailblazer like Webank jin our open nodes ecosystem opens new doors for our partners, and most importantly the student ecosystem since FISCO BCOs offer them an exciting opportunity to create and turn their ideas into reality using blockchain.”

Also Read: Singapore has new partners for Blockchain and Crypto Developments

Wrapping it Up!!

Webank is constantly working to provide the banking service digitally without any physical involvement. Recently it announced its plans to integrate the DMLSmart Contract Language from Digital Asset to the FISCO BCOS blockchain.

Hence we can say that this partnership a of now is for the educative purpose and it would be very interesting to witness the WeBank and OpenNodes combined action in the integration of the technology into various other platforms.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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