Tencent Builds Blockchain Union
China-based technology firm Tencent has previously announced that it will invest $ 70 billion in developing technologies, including Blokchain. It is aimed to establish Industry Blockchain Britain this year with the firm's subsidiary Tencent Cloud. This project, which is planned to bring 100 Blockchain organizations together, is created to increase the industrial applications of Tencent Cloud technology. It was stated that together, members from various sectors such as various businesses, industry associations, investment institutions, media and R&D institutions will take place.
On June 4, China Banking News announced that members from various sectors, including businesses, industry associations, industry media, investment organizations, tertiary institutions and think tanks, will participate in the blockchain union.
Purpose in the Union
Organizations will work together on collective goal of bringing blockchain standards and conducting research and development for industrial application. The group will work on three different committees. These are a blockchain standards committee, a technical committee and a commercial ecosystem committee, respectively.
The standards committee will work with national regulators, blockchain companies and entrepreneurs to set industry-wide better standards in terms of regulations and blockchain development. On the other hand, the technical committee will discuss the planning and creation of technology platforms on the blockchain.
Tencent Pioneers China's Blockchain Innovation
Both the Chinese government and industrialists showed great interest in the blockchain. On April 30, Tencent launched the blockchain accelerator program. That same day, the Anhui government, a province in eastern China, launched a blockchain platform to perform government services.
Tencent recently announced that it will invest $ 70 billion in fintech, blockchain, AI, and cloud computing. The company behind WeChat, the major messaging application in China, said the coronavirus crisis is an important catalyst for the decision to invest in emerging technology.
Three Different Committees
The main purpose of this association is to develop and research the standards of blockchain technology together with its member organizations. There will be three different committees within the association; they are positioned as a blockchain standards committee, a technical committee, and a commercial ecosystem committee.
The standards committee will work with national supervisors, blockchain companies and entrepreneurs to achieve much better standards across the industry in terms of legal regulations and blockchain development. On the other hand, the technical committee will contribute to platform planning and creation on the blockchain.
