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Blockchain China News

Tencent Blockchain Head Reveals details about the Project

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Tencent Blockcahin

Tencent the Chinese Internet and gaming mega-company has been involved in Blockchain for over two years now since its initial white paper was released in February 2017 which set out its plans.

Back in 2017, the maker of popular social services such as QQ and WeChat, was said to be planning to release the “TrustSQL”. The technology looked to offer digital asset management, authentication and “shared economies”, amongst other services. The Tencent Cloud Blockchain or TBaaS soon followed, however, since then little has been known about the Tencent Blockchain.

With reported government backing and large financial reserves due to the success of other ventures, the Tencent blockchain projects, ‘TBaas’ and ‘TrustSQL’, seem to be set up as very exciting ventures. Another blockchain plan was released late October too. The Chinese Financial Blockchain Shenzhen Consortium (FISCO), led by multinational telecommunication company Huawei and tech giant Tencent, presented its coinless blockchain FISCO BCOS.

To reveal more on the goings on in the company, Babbitt interviewed Shao Bing, head of the Tencent Cloud Blockchain (TrustSQL).

Shao Bing (Source: Babbit)

In the interview, Bing pointed out that tencent Blockchain had, “momentum” and that they were pleased with how all three of the projects appeared to be going. He said:

“The overall momentum is very good. At the TBaaS product level, we have iterated several major versions and the functionality is constantly improving. The underlying platform also supports Hyperledger Fabric from now on to support multiple platforms, including Tencent TrustSQL and FISCO BCOS.”

The plans for the future also looked to be exciting, with Bing claiming:

“We are working with customers and partners to do some solutions and benchmarking applications to promote the landing and commercialization of blockchain technology.”

Blockchain technology, unlike other crypto related entities like mining, is celebrated in China and the government has looked to back it and use it within policy. From the various government agencies using blockchain and the number of major companies, like VeChain and others within the nation who use it.

Bing seemed to allude to the popularity of the technology and the government interest, as he said:

“We are actively participating in and promoting the construction of blockchain communities and blockchain ecosystems, and have very close cooperation with the Hyperledger community, the Golden Chain Alliance, and the ICT.”

Tencent was also said to potentially be “the proud owner of two major bitcoin exchanges, as the $400 billion Chinese tech conglomerate is weighing a bid for the South Korean holding company that controls them,” according to a report from CCN.

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