August 15, 2022

Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF) and Zetrix have collectively introduced the introduction of Blockchain-based Identifiers (BID) / Verifiable Credentials (VC) and Blockchain-based E-signing companies to worldwide markets, a significant milestone in enabling cross-border enterprise with China on the blockchain.  

Xinghuo BIF is a China-initiated worldwide blockchain infrastructure supported by all ranges of the Chinese language authorities, whereas MY E.G. Companies Bhd (“MYEG”), by way of its Zetrix blockchain, runs the Worldwide Supernode of Xinghuo BIF to attach entities exterior China to the Xinghuo BIF. 

Xinghuo BIF presently resolves 94 mil identifiers each day, inserting it as essentially the most actively used platform and validating this use case in real-world purposes.

The BID, an official DID technique listed within the DID Specification Registry of the World Extensive Net Consortium (W3C), is a brand new strategy to realizing decentralized id primarily based on Xinghuo BIF.

The preliminary part of the BID rollout will embrace the introduction of Chinese language-related credentials, agreements, and the corresponding authorized frameworks that will function the muse for the institution of such agreements.

Zetrix will join Chinese language events signing on the home Xinghuo BIF community with their worldwide counterparts signing on the Zetrix community. 

The BID service is an extension of the present Xinghuo BID and Xinghuo Blockchain-based E-Signing companies that was formally deployed in February 2022.

On twelfth October 2021, a Memorandum of Understanding between the China Academy of Data and Communications Know-how (CAICT) and Malaysia-based MYEG, which established the Zetrix chain, introduced the strategic cooperation framework between Xinghuo BIF and Zetrix because the worldwide infrastructure to attach China’s Xinghuo community to worldwide markets.

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“BID and Verifiable Credential type a essential basis for the digitalization of commerce and companies. Past the method and commerce efficiencies that we envision, this may even counteract the threats of counterfeiting,” mentioned Dr. Jin Jian, president of the Institute of Industrial Web and Web of Issues Institute (IIIIoT), CAICT.

“BIDs and VCs are essential constructing blocks of extra interconnected Net 3. They’re the foundational instruments that decentralized apps can name upon to ship a myriad of recent companies that will unleash the complete potential of blockchain platforms. 

No different blockchain platform at the moment supplies these companies at a scale that matches Xinghuo – Zetrix and we’re excited to be the worldwide business leaders on this real-world use case,” mentioned TS Wong, Group Managing Director of MYEG.

Zetrix has engaged credential issuers and certification authorities to make sure the data registered is true to reality and continues to have interaction with extra stakeholders in strengthening the integrity of this very important facility. Additional info is obtainable at zetrix.com.

The lacking layer of the web

Blockchain Identification has typically been known as the lacking layer of the Web, although sometimes this has resulted in there being a number of identifiers for each person, which oftentimes are non permanent or not tied to the real-world id of customers. 

Now, via the Xinghuo-Zetrix collaboration, this elementary layer, and its design would give direct management and possession to its customers, a key differentiating issue that may allow a brand new wave of Net 3 digital processes and transactions. 

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Zetrix DID resolution, which conforms to the Xinghuo Blockchain-based Identifier (BID), will energy an on-chain signing service to allow customers to transact with certainty and verified identities. 

The resultant Zetrix Blockchain-based E-signing Service supplies:

  1. Help for a number of signing templates and user-defined transactions,
  2. Verification of a person’s or product’s paperwork/credentials, and
  3. Inquiry of paperwork or credentials

Organizations can use this service by keying in info and signing utilizing their BID to difficulty certificates/credentials on the Zetrix blockchain. Customers in China and elsewhere with entry can search related info shortly via the BID identifier decision service and vice versa.

The Zetrix Blockchain-based E-signing Service carries out signing administration all through the life cycle, and maintains operations information, and the extraction potential to fulfill the demand for inquiry and examination. Most significantly, these paperwork are legally binding if relevant to China legal guidelines.

This can in flip enhance the effectivity of transactions and agreements throughout borders for numerous sorts of use instances. By supporting single-party and multi-party transactions, the service will be capable to meet the calls for of purchasers in lots of contexts together with B2B and B2G.

Verifiable credentials 

The Xinghuo-Zetrix blockchain certificates service demonstrates that customers can inquire concerning the authenticity of any certificates or credentials. It ranges from government-issued credentials like official residency, to the provenance of products, to the adherence to worldwide requirements by enterprises.

Customers can authenticate certificates on-line, as a substitute of counting on conventional methods of issuing paper paperwork for proof. These credentials can then be independently verified utilizing the issuer’s public BID.  As well as, digital credentials might incorporate good options, i.e. programming logic.

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The mix of the BIDs and Verifiable Credential companies will allow a bunch of various use instances, from easy issuance of certificates to good product authenticity paperwork with possession historical past and programmable government-issued credentials. 

As an ongoing concern, Zetrix will design extra templates for signing events, extension environments, and API integration, offering secure and environment friendly identification companies for all industries.

About Zetrix

Zetrix is a layer-1 public blockchain that facilitates good contracts and delivers privateness, safety, and scalability. The cryptographic infrastructure in Zetrix could be launched in a number of industries to attach governments, companies, and their individuals to a worldwide blockchain-based financial system. 

The cross-border and cross-chain integrations with Xinghuo BIF allow Zetrix to function a blockchain gateway that facilitates commerce and commerce globally by deploying essential constructing blocks for Web3 companies.

About Xinghuo BIF

With the particular help of the Ministry of Trade and Data Know-how, Xinghuo BIF is without doubt one of the largest blockchain infrastructures supported by all ranges of the Chinese language authorities led by the China Academy of Data and Communications Know-how (CAICT).

As the muse of the digital financial system, Xinghuo BIF is provided with the interoperability of offering public identifier companies throughout completely different industries and areas primarily based on permissioned public blockchain and decentralized identifiers, enabling industrial digitalization and knowledge valuation.

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