BSN Foundation Announces Founding Members in Step Towards Advancing Decentralized Public IT Systems

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BSN Foundation Announces Founding Members in Step Towards Advancing Decentralized Public IT Systems
BSN Foundation Announces Founding Members in Step Towards Advancing Decentralized Public IT Systems

The BSN Foundation recognizes public chain technologies as a complementary approach to conventional private IT systems, with inherent advantages such as data sharing costs, private data ownership, and transparency.

SINGAPORE, November 16, 2023: The Singapore-based BSN Foundation officially announced its five initial members: BlockdaemonGFT TechnologiesTOKOZeeve, and Red Date Technology. Hailing from a diverse array of countries and regions, including the U.S.A., Germany, and Hong Kong, these organizations bring a portfolio of expertise ranging from blockchain-as-a-service and real-world asset tokenization to financial services and consulting. As the governing body of the BSN Spartan Network, the BSN Foundation is committed to enabling a decentralized public layer of the Internet.

“Building on our collaboration agreement with CloudSigma signed earlier this year to bring Enterprise BSN to the full global network of CloudSigma cloud locations, today’s announcement marks another significant milestone in the international expansion of the BSN (Blockchain-based Service Network),” said Tim Bailey, VP of Global Business & Operations for Red Date Technology.

The BSN Foundation recognizes public chain technologies as a complementary approach to conventional private IT systems, with inherent advantages such as data sharing costs, private data ownership, and transparency. These benefits have remained largely untapped by traditional enterprises due to their reluctance to get involved with unregulated cryptocurrencies. To bridge this gap, the BSN Spartan Network, launched commercially in December 2022, offers a decentralized cloud service solution with non-cryptocurrency public chains as the operation systems. The network consists of virtual data centers that are open source and free to download, where nodes of the non-cryptocurrency public chains can be selectively installed. Businesses can deploy smart contracts and build dApps on the nodes and pay for resource consumption using fiat USD or USDC rather than unregulated cryptocurrencies. At the launch, industry leaders such as HSBC, Prenetics, and FUJIFILM Business Innovation Hong Kong demonstrated a diverse range of enterprise use cases, from business-to-business payments and enterprise document management to digital health data sharing.

“GFT is honored to be one of the founding members of the BSN Foundation. The BSN Spartan Network’s non-cryptocurrency public chain infrastructure makes it easier for enterprises to build and deploy blockchain-based applications. We are confident that BSN Spartan will meet our clients’ needs for a reliable, secure, and scalable public infrastructure without the challenges of volatile cryptocurrency prices and unpredictable development costs,” said Christopher Ortiz, Group Chief Executive and Global Markets and Region Manager APAC & UK at GFT.

“We highly value innovation and forward-thinking approaches in our strategic partnerships,” said Dr. Ravi Chamria, Zeeve’s CEO. “The BSN Foundation’s vision aligns seamlessly with our mission to simplify and enhance blockchain adoption for enterprises. By offering a decentralized cloud service solution that operates on non-cryptocurrency public chains, the BSN Spartan Network opens up exciting possibilities for businesses to harness the benefits of blockchain technology while maintaining financial stability and regulatory compliance. We’re excited to collaborate with the BSN Foundation to empower enterprises with the most reliable blockchain infrastructure management, enabling them to thrive in a rapidly evolving digital landscape.”

These five founding members bring a multi-national, multi-faceted depth to the BSN Foundation. Blockdaemon is a leading provider of institutional-grade blockchain infrastructure, dedicated to providing a seamless, secure, and efficient onboarding process for organizations looking to scale utilizing BSN Spartan without compromising security or compliance. As a digital transformation pioneer with over 35 years of experience, GFT Technologies enables clients to boost their productivity with intelligent software solutions. Zeeve empowers over 27,000 developers with its Web3 Infrastructure Automation services and delivers plug-and-play solutions that enable traditional corporations to swiftly develop decentralized applications (dApps) on the BSN Spartan Network. At the application layer, TOKO, backed by the industry-leading global law firm DLA Piper, offers digital asset tokenization and legal compliance solutions based on the BSN Spartan infrastructure. Red Date Technology, the technical architect of the BSN Spartan Network, contributes expertise in the fundamental technologies of public IT system infrastructures for internet communications, digital economies, and digital payments. Collectively, these organizations will contribute to the BSN Foundation’s mission to pioneer public IT system development on a global scale.

“At Blockdaemon, we are proud to be one of the founding members of the BSN Foundation. Our specialization in institutional-grade blockchain node deployment, validating solutions, and institutional wallets aligns perfectly with the BSN Foundation’s mission to advance decentralization. We are committed to assisting organizations in simplifying their BSN Spartan onboarding and iteration processes with institutional-grade security. Together with the BSN Foundation and our fellow founding members, we look forward to elevating the blockchain economy,” said Andrew Vranjes, VP of Sales and General Manager of APAC at Blockdaemon.

According to the BSN Spartan whitepaper, the BSN Foundation will operate three core committees: the Technical Committee, the Governance Committee, and the Business Committee, each overseeing a distinct set of activities such as R&D, governance coordination, and commercial matters. Established as a decentralized governance organization, each member will have an equal voting right on governance decisions, such as integrating new blockchain protocols or adjusting network fees, and will operate a Governance Data Center that hosts all the validator nodes of the non-cryptocurrency public chains.

Scott Thiel, Managing Director of TOKO, says, “TOKO is excited to be one of the five initial members of the BSN Foundation. We believe in BSN’s commitment, as a decentralized governance organization, to bringing blockchain technologies to the broader IT industry beyond cryptocurrencies. As a full-market licensed virtual asset broker dealer and exchange  services provider (VASP granted by Dubai’s Virtual Asset Regulatory Authority (VARA), we look forward to contributing to the foundation with our wealth of expertise in the governance and regulatory space.”

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