Chinese tech giant Tencent launched an ambitious new industry association for the blockchain sector
Tencent Cloud, the cloud computing subsidiary of Chinese tech giant Tencent announced the launch of an Industry Blockchain League, which it hopes to expand to at least 100 members in 2020, drawn from the ranks of enterprise, industry associations, industry media, investment organisations, tertiary institutions and think tanks, according to local news outlet Chinabankingnews on June 4.
Tencent’s headquarter in Shenzhen | Image via SCMP
The goal of the league will be to jointly advance industry blockchain standards, as well as research and development into core blockchain technologies and industry implementation.
The League is comprised of a blockchain standards committee, a technical committee and a commercial ecosystem committee.
The standards committee will be responsible for coordinating with relevant government authorities as well as industry associations, think tanks and entrepreneurs, to jointly draft national standards, industry standards and team standards, and create a standardised foundation for the development of the blockchain sector.
The technical committee will be responsible for exploring the planing and creation of blockchain technical platforms in collaboration with think tanks, enterprise technical experts and tertiary institutions.
The commercial ecosystem committee will be responsible for connecting with media and institutional investors to engage in market planning and operation, to drive commercial conversion of products and plans developed by League members.
Tencent forecasts that the League will help members to increase their commercial conversion rates to 30%.
On April 29, Tencent announced the “Tencent Industrial Accelerator” is open to both early-stage and mature blockchain startups, with a total of 30 places available.
To qualify, projects must have at least one financing round behind them. Applications are being accepted until June 6.
As AZCoin News recently reported, Tencent’s digital bank WeBank has announced plans to integrate the smart contract Digital Asset Modeling Language for the consortium blockchain “FISCO BCOS” — the chain that will undergird China’s national Blockchain-Based Service Network (BSN). BSN launched for commercial applications in April, six months after it was first rolled out for testing.
Read more:
- China’s Tencent Planning To Create A Digital Currency Research Group
- Tencent Has Announced Phase One Of Its Blockchain Accelerator Program