Blockchain identity / verifiable identification and contract signing

Xinghuo BIF is one China initiated international blockchain infrastructure supported by all levels of the Chinese government while MY EG Services Bhd (“MYEG”), via its Zetrix blockchain, operates the International Supernode of Xinghuo BIF to connect devices outside China to Xinghuo BIF. Xinghuo BIF currently solves 94 miles of identifiers daily, placing it as the most actively used platform and validating this utility in real-world applications.

BID, an official DID method listed in the DID Specification Registry of the World Wide Web Consortium (W3C), is a new approach to realizing 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 framework that will serve as the basis 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 were officially distributed in February 2022. On October 12, 2021a 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 collaboration framework between Xinghuo BIF and Zetrix as the international infrastructure to connect China Xinghuo network to international markets.

“BID and verifiable credentials form a critical basis for the digitization of trade and services. In addition to the process and trade efficiency that we envisage, this will also counteract the threats of counterfeiting,” said Dr. Jin Jianpresident of the Institute of Industrial Internet and Internet of Things Institute (IIIIoT), CAICT

BIDs and VCs are critical building blocks for more interconnected Web 3. They are the basic tools that decentralized apps can use to deliver a myriad of new services that will unleash the full potential of blockchain platforms. No other blockchain platform currently offers these services on a scale that matches Xinghuo – Zetrix, and we are happy to be the global industry leaders in this real world, says TS Wong, CEO of MYEG.

Zetrix has engaged identification issuers and certification authorities to ensure that the information recorded is true to the facts, and continues to engage with more stakeholders to strengthen the integrity of this important facility. Further information is available at zetrix.com.

The missing layer of the Internet

Blockchain Identity has often been referred to as the missing layer on the Internet, although this has typically resulted in multiple identifiers for each user, which are often temporary or not related to the users’ true identity.

Now, through the Xinghuo-Zetrix collaboration, this basic layer and its design will provide direct control and ownership to users, an important differentiating factor that will enable a new wave of Web 3 digital processes and transactions.

The Zetrix DID solution, which is compatible with Xinghuo Blockchain-based identifier (BID), will operate an on-chain signing service to enable users to trade with security and verified identities.

The resulting Zetrix Blockchain-based e-signing service provides:

1. Support for multiple signing templates and custom transactions,
2. Verification of a person’s or product’s documents / identification, and
3. Request for documents or identification

Organizations can use this service by entering information and signing using their BID to issue certificates / credentials on the Zetrix blockchain. Users in China and other places with access can search for relevant information quickly through the BID identifier resolution service and vice versa.

The Zetrix Blockchain-based E-signing service performs signing management throughout the life cycle, maintaining operational records and the retrieval capability to meet demand and demand. The most important thing is that these documents are legally binding if relevant China lover.

This in turn will streamline transactions and agreements across national borders for different types of utility cases. By supporting single and multi-party transactions, the service will be able to meet customer requirements in many contexts, including B2B and B2G.

Verifiable identification

Xinghuo-Zetrix blockchain certificate service demonstrates that users can ask about the authenticity of any certificate or credentials. It ranges from government-issued identification as official residence, to the origin of goods, to compliance with international standards of companies.

Users can authenticate certificates online, instead of relying on traditional ways of issuing paper documents for proof. These credentials can then be verified independently using the issuer’s public BID. In addition, digital identification can contain smart functions, ie programming logic.

The combination of the BIDs and verifiable identification services will enable a variety of use cases, from simple issuance of certificates to smart product authenticity documents with ownership history and programmable, publicly issued identification.

As an ongoing concern, Zetrix will design multiple templates for signing events, deployment environments and API integration, and provide secure and efficient identification services for all industries.

About Zetrix

Zetrix is ​​a layer-1 public blockchain that simplifies smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced in multiple industries to connect governments, businesses and their people to a global blockchain-based economy.

Cross-border and cross-border integrations with Xinghuo BIF enable Zetrix to act as a blockchain gateway that facilitates trade and commerce globally by distributing critical building blocks for Web3 services.

About Xinghuo BIF

With the special support of the Ministry of Industry and Information Technology, Xinghuo BIF is one of the largest blockchain infrastructures supported by all levels of the Chinese government led by the China Academy of Information and Communications Technology (CAICT). As the basis of the digital economy, Xinghuo BIF is equipped with interoperability to provide public identification services across different industries and regions based on permitted public blockchain and decentralized identifiers, enabling industrial digitization and data values.

SOURCE MY EG Services Berhad