By | November 16, 2023
The BSN Foundation announces founding members for the Decentralized Internet Initiative

SINGAPORE, November 16, 2023 /AlexaBlockchain/ – The Singapore-based BSN Foundation officially announced its first five members: Blockdaemon, GFT Technologies, TOKO, Zeeve and Red Date Technology. These organizations come from a variety of countries and regions, including the United States, Germany, and Hong Kong, and have a portfolio of expertise ranging from blockchain-as-a-service and real 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 partnership 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 important milestone in the international expansion of BSN (Blockchain-based Service Network),” said Tim Bailey, VP of Global Business & Operations for Red Date Technology.

The BSN Foundation recognizes public blockchain technology as a complement to conventional private IT systems, with inherent benefits such as data sharing costs, private data ownership and transparency. These benefits have remained largely untapped by traditional businesses due to reluctance to engage in unregulated cryptocurrencies. To bridge this gap, BSN Spartan Network, which launched commercially in December 2022, offers a decentralized cloud service solution with non-cryptocurrency public chains as its operating system. The network consists of virtual data centers that are open source and free to download, where nodes of the public non-cryptocurrency chains can be selectively installed. Companies can deploy smart contracts and build dApps on the nodes and pay for resource consumption with 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 variety of business use cases, from business payments and enterprise document management to digital health data sharing.

“GFT is honored to be a founding member of the BSN Foundation. BSN Spartan Network’s non-cryptocurrency public chain infrastructure makes it easier for businesses to build and deploy blockchain-based applications. We are confident that BSN Spartan will meet our customers’ needs for a reliable, secure and scalable public infrastructure, without the challenges of volatile cryptocurrency prices and unpredictable development costs,” said Christopher Ortiz, CEO and Global Markets and Regional Head APAC & UK at GFT.

“We value innovation and forward thinking in our strategic partnerships,” says Dr. Ravi Chamria, Zeeves CEO. “The BSN Foundation’s vision aligns seamlessly with our mission to simplify and improve blockchain adoption for businesses. By offering a decentralized cloud service solution that operates on public, non-cryptocurrency chains, the BSN Spartan Network opens up exciting opportunities for businesses to leverage the benefits of blockchain technology simultaneously as financial stability and regulatory compliance are maintained. We are excited to partner with the BSN Foundation to provide businesses with the most trusted Blockchain infrastructure management, enabling them to thrive in a rapidly changing digital landscape.”

These five founding members give the BSN Foundation a multi-national, multi-faceted depth. 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 with BSN Spartan without compromising security or compliance. As a pioneer in digital transformation with over 35 years of experience, GFT Technologies enables customers to increase their productivity with intelligent software solutions. Empowering over 27,000 developers with its Web3 Infrastructure Automation services, Zeeve delivers plug-and-play solutions that enable traditional enterprises to rapidly develop decentralized applications (dApps) on the BSN Spartan Network. At the application layer, backed by industry-leading global law firm DLA Piper, TOKO offers digital asset tokenization and legal compliance solutions based on BSN Spartan’s infrastructure. Red Date Technology, the technical architect of the BSN Spartan Network, contributes expertise in the core technologies of public IT system infrastructures for Internet communications, digital economies and digital payments. Together, these organizations will contribute to the BSN Foundation’s mission to pioneer the development of public IT systems on a global scale.

“At Blockdaemon, we are proud to be a founding member of the BSN Foundation. Our specialization in institutional-grade blockchain node implementation, validation solutions, and institutional wallet aligns perfectly with the BSN Foundation’s mission to promote decentralization. We are committed to helping organizations simplify their BSN Spartan onboarding and iteration processes with institutional-grade security Together with the BSN Foundation and our fellow founders, we look forward to elevating the blockchain economy,” said Andrew Vranjes, VP of Sales and General Manager for APAC at Blockdaemon.

According to the BSN Spartan whitepaper, the BSN Foundation will operate three core committees: the Technical Committee, the Management 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 equal voting rights on governance decisions such as integrating new blockchain protocols or adjusting network fees and will operate a Governance Data Center that will host all validation nodes for the non-cryptocurrency public chains.

Scott Thiel, CEO of TOKO says, “TOKO is excited to be one of the first five members of the BSN Foundation. We believe in BSN’s commitment, as a decentralized governance organization, to bring blockchain technologies to the broader IT industry beyond cryptocurrencies. As a fully licensed Virtual Asset Broker Dealer and Exchange Services VASP granted by Dubai’s Virtual Asset Regulatory Authority (VARA), we look forward to contributing to the foundation with our wealth of governance and regulatory expertise.”

Source: BSN Foundation

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