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Tencent aims to establish a 100-member blockchain alliance by 2020

June 4, 2020

Tencent Cloud, the cloud computing branch of the Chinese internet giant Tencent, It is preparing to bring 100 organizations together this year to build the Blockchain League industry.

China Banking News reported on June 4 The Blockchain Association will include members from various sectors, including companies, industry associations, industry media, investment organizations, universities and think tanks.

Three pillars

Organizations are in the Common goal to create blockchain standards and conduct research and development for industrial implementation. The group will work on three different committees: a standard blockchain committee, a technical committee, and a business ecosystem committee.

Tencent aims to establish a 100-member blockchain alliance by 2020Tencent aims to establish a 100-member blockchain alliance by 2020

The standardization body will work with national regulators, blockchain companies, and entrepreneurs to provide better industry-wide standards in terms of blockchain regulations and development. The technical committee, on the other hand, will be responsible for the planning and creation of technological platforms for blockchain.

Tencent leads China’s blockchain innovation

Both the Chinese government and industrialists have shown great interest in blockchain. On April 30, Tencent launched its blockchain accelerator program. On the same day, the government of Anhui, a province in eastern China, launched a blockchain platform to provide government services.

Tencent recently announced that it will invest $ 70 billion in fintech, blockchain, AI and cloud computing over the next five years.. The company behind China’s leading messaging app WeChat said the coronavirus crisis is a key catalyst in its decision to invest in new technologies.