A major milestone in enabling cross-border business with China on the blockchain was when Xinghuo BIF (Xinghuo Blockchain Infrastructure and Facility) and Zetrix jointly announced the introduction of Blockchain-based Identifiers (BID) / Verifiable Credentials (VC) and Blockchain-based E-signing services to international markets.
Xinghuo BIF is a China-initiated international blockchain infrastructure supported by all levels of the Chinese Government whereas MY E.G. Services 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 validating this use case in real-world applications.
The BID, an official DID method listed in the DID Specification Registry of the World Wide Web Consortium (W3C), is a new approach to realising 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 2021, a Memorandum of Understanding between the China Academy of Information and Communications Technology (CAICT) and Malaysia-based MYEG, which established the Zetrix chain, announced the strategic cooperation framework between Xinghuo BIF and Zetrix as the international infrastructure to connect China’s Xinghuo network to international markets.
“BID and Verifiable Credential form a critical foundation for the digitalisation of trade and services. Beyond the process and trade efficiencies that we envision, this will also counteract the threats of counterfeiting,” said Dr. Jin Jian, president of the Institute of Industrial Internet and Internet of Things Institute (IIIIoT), CAICT.
“BIDs and VCs are critical building blocks of more interconnected Web 3. They are the foundational tools that decentralised apps can call upon to deliver a myriad of new services that would unleash the full potential of blockchain platforms. No other blockchain platform currently provide these services at a scale that matches Xinghuo – Zetrix and we are excited to be the global industry leaders in this real world usecase,” said TS Wong, Group Managing Director of MYEG.
Zetrix has engaged credential issuers and certification authorities to ensure the information registered is true to fact and continues to engage with more stakeholders in strengthening the integrity of this vital facility.