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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.

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