Tencent’s cloud computing arm venture is bringing together a 100-member blockchain alliance to further blockchain implementation and find new real-world use cases of the decentralized technology.
The news was first published on June 4th, revealing that the 100-member blockchain association would comprise of industry associations, enterprises, industry media, investment organizations, think tanks, and tertiary institutions.
The blockchain alliance would collaborate to establish blockchain standards, while also formulating new use cases for industrial use. The alliance will consist of three critical committees, namely a blockchain standards committee, a technical committee, and a commercial ecosystem committee.
The blockchain standards committee would be responsible for working with federal regulators and blockchain enterprises to derive a common standard for blockchain development.
The technical committee, as the name suggests, would take care of everything technical, be it planning of various products and applications on the blockchain and creation of new technology-based on the blockchain.
The commercial ecosystem committee would look after commercial aspects, such as supply and demand, and other commercial needs.
Tencent has become one of the leading tech firms in China, with multiple subsidiaries focused on different fields of internet and technology. Tencent has also emerged as the leading investor in blockchain technology, among many other tech giants of China. The company has announced that it will invest $70 billion over the next five years towards emerging technologies such as blockchain, AI, and Fintech.
Tencent’s aggressive approach towards blockchain can be understood from the fact that China has made it clear that they want to remain at the forefront of the blockchain race. They are already conducting trials for their national CBDC when a majority of the other countries are only on the drawing board.
Tencent, along with other tech giants like Alibaba have also invested significantly in the blockchain space.