MyEG Partners China’s Bubi For Blockchain Development

MyEG is collaborating with China’s Bubi Technologies to build supernodes around the world based on a blockchain system to monitor data compatibility with China’s national blockchain infrastructure for the impending possibility of global cross-border supply chain financing.

These supernodes will offer both a public blockchain network, which is one that does not require approvals and open to anyone to participate, as well as a private blockchain network, where participation will be restricted to approved entities typically for B2B use cases, with each network designed to serve distinct purposes. The partnership between MYEG and Bubi, will cover the development of supernodes outside of China including in Malaysia, Indonesia and the Philippines, among others, is exclusive for an initial 3-year period

Beijing-based Bubi is one of China’s leading blockchain technology providers. Its blockchain platform boasts a developer network of more than 30,000 developers building a variety of decentralised applications. The company is actively involved in the ongoing development of China’s national blockchain infrastructure, deploying its widely-used protocol for the network, which has industrial sector applications as one of its main use scenarios.

The jv blockchain supernodes will be fully compatible and interoperable with China’s national blockchain supernodes, for seamless integration and exchange of data blocks. The platform will, thus, lend itself well to the provision of solutions that have been long and much sought-after in global trade: end-to-end product traceability and financing along the entire supply chain, which, in this case, relates to the two-way flow of goods between China and the rest of the world.

This comes as MyEG is tageting the the impending commencement of the Regional Comprehensive Economic Partnership (“RCEP”), a free-trade agreement comprising 15-member countries, for the new service. Verification of product origin and supply chain traceability are among RCEP’s key objectives. Additionally, the JV’s private blockchain will be well-positioned to bring positive transformation to regional supply chain financing.

Meanwhile, the public blockchain is said to offer a platform for developers globally to introduce decentralised applications that will use the ‘delegate proof of stake’ consensus mechanism, thus fostering vibrant innovation within the network even while ensuring lower energy consumption and higher transaction processing speeds compared with the most commonly-used existing public blockchains. The public blockchain project will entail the issuance of its own token, which will be used to pay for gas fees required to execute transactions on the network.

The roll-out of innovations on the blockchain platforms by the JV will be carried out progressively, with the maiden commercial applications targeted to be launched by year-end.

The partnership with Bubi marks the latest blockchain-related initiative by MYEG following the recent introduction of decentralised finance (“DeFi”) services that enable holders of cryptocurrencies to maximise the returns on their holdings.

Previous articleRadiance Assets Acquires 100% Stake In Mongolian Resort
Next articleReducing Carbon Footprint In The Workplace

LEAVE A REPLY

Please enter your comment!
Please enter your name here