IRISnet shares viewpoints on BSN Open Permissioned Blockchain Project

4 min readSep 18, 2020

Key Viewpoints: The BSN Open Permissioned Blockchain (BSN O. P. B. ) initiative works in building a framework designed to help public blockchains to meet the compliance requirements, which can successfully promote the blockchain technology adoption in the real economy. Differently from what many people think, the BSN O. P. B. won’t adversely affect the decentralization of the public blockchains, it will instead lead to an exponential increase in the applicable use-cases and accelerate the technological advancements as well as blockchain value realization.

On September 17th, during the“BSN Open Permissioned Blockchain” panel at the “International Blockchain + Business Future Development Conference” held in Xiamen, Mr. Yifan He, the Executive Director of BSN Development Association, announced the launch of the “BSN Open Permissioned Blockchain” initiative, which will allow public blockchain technology and related services be available to applications, developers and users in BSN China environment, and this is possible through an access layer meeting the compliance requirements existing in China. More details on this initiative can be found in this well-written article by Coindesk in its Sep 17th 2020 article “China’s BSN to ‘Localize’ 24 Public Blockchains by Making Them Permissioned”

IRISnet is one of the first batch public blockchain projects having already been supported by BSN Global, also right now IRISnet core development team is building IRITA Hub for BSN to address the interoperability needs from all blockchains on BSN.

At the same panel that took place yesterday in Xiamen and which welcomed the presence of some of the leading representatives of the blockchain world from projects such as Nervos, Neo, and Near, IRISnet team shared the following considerations regarding the true meaning of the BSN O. P. B. towards the public blockchains worldwide:

“I believe that this is a relevant step forward to the promotion and adoption of the whole blockchain industry. The main reasons that lead me to say this are as follows:

Public blockchains have undergone continuous iterations of technology improvements, and many emerging third-generation public blockchains, such as IRISnet, already have efficient computing capabilities to support complex distributed applications. However, many application scenarios involve interactions with the real economy, especially the enterprise computing that must meet compliance requirements, such as KYC as well as financial regulation. In the past, the only way to solve compliance issues was to build a specific and dedicated consortium blockchain. Each consortium had to maintain its own ledger, which had really high costs in terms of maintenance and negatively affected the mass adoption of blockchain technology.

Differently, the BSN O. P. B. built a compliance framework at the application layer: this allows enterprise applications not only to have guidelines to follow in order to reach the required standards but also to utilize the rich computing resources and trust services provided by the public blockchain technology through BSN environment. In this way, DApps can focus on the realization and implementation of the application layer business logic by itself.

Through the BSN O. P. B., public blockchains can now support new and various application scenarios, this will lead public blockchains to boost their value thanks to new channels, and at the same time to accelerate technology improvements. There is no doubt that this will have a deep meaning for sectors such as industry, strongly linked to real-world data.

Considering the following common idea that says “the core value of the blockchain is decentralization: if consequently changed to an open permissioned blockchain, its core value will be lost”, I would like to share with you my thoughts. I think the core value of blockchain is to provide public trustworthy ‘trust service’ through protocol, and this is the reason why we often identify a blockchain as a ‘trust machine’; Decentralization is definitely a way to achieve the ultimate aim of a blockchain, but at the same time could not be considered as the core value of the technology itself.

I don’t think Open Permissioned Blockchain will destroy the public blockchain decentralization as well as will not affect the blockchain core value.

Let me explain from an architectural angle: The common blockchain architecture has three layers, the top layer is the application layer, the middle is the consensus layer, and the bottom layer is the communication layer. Decentralization is enabled by the design of the consensus layer in the middle, while the open permissioned blockchain could be found at the application layer. This should make you realize that from a technical architecture perspective, BSN Open Permissioned Blockchain works at the application layer, so there is no technical basis for assuming that this will affect the public blockchain “decentralization”.

Also, the Open Permissioned Blockchain will not adversely affect the core value of blockchains provide services as a trust machine, instead this initiative can better promote the realization of the blockchain value itself. As I explained earlier the BSN O. P. B. will bring many new use cases to public blockchains. Value can only be realized if someone is using it. BSN O. P. B. allows those applications which need to meet compliance requirements to also be able to use public blockchain services. This initiative can bring more applications and more users to the corresponding public blockchain ecosystem, which greatly enhances the core value of the blockchain.

I would like to thank BSN for building this open permissioned platform, speaking on behalf of IRISnet Core developers, we are honored to join the development of this revolutionary Open Permission Blockchain itself.”

IRISnet shares viewpoints on BSN Open Permissioned Blockchain Project

💌 Community Channels

Written by IRISnet