China is already ahead of the rest of the world when it comes to cryptocurrency and blockchain adoption. While there is a ban placed on cryptocurrencies, the nation has been making great progress regarding the development of blockchain technology.
A blockchain-based infrastructure would hand more control over the nation’s economy. It is this sentiment from the government that played into its decision to harshly stamp down on ICOs, Bitcoin, and even access to cryptocurrency exchanges through 2017 and 2018.
Since the ban, the nation has seen a spree of development in regards to blockchain technology, with more than 30,000 companies operating in this sector. Established companies in the private sector are also working hands-on with regulators to further develop the emerging industry.
Amongst tech behemoths with projects involving blockchain, Tencent, the company behind the popular video game PUBG, is a name that has made the headlines several times. As per recent reports, the tech giant’s cloud service platform Tencent Cloud has launched an alliance to promote the development of the blockchain industry.
The report published by local media outlet Securities, states that the alliance would comprise of tech companies, industry associations, universities, and think tanks. The members would work to establish blockchain industry standards and research potential blockchain applications.
On this note, the alliance aims to attract 100 members, this year itself.
The alliance will be divided in three committees – blockchain industry standards and research potential blockchain applications. Each committee will play different roles based on their specializations, and Tencent estimates that the members will increase their business conversion rates by 30%.
The standards committee will be cooperating with government agencies and other relevant parties to develop blockchain standards on a national level. The technical committee will plan and build blockchain applications, while the business ecosystem committee will drive sales of products developed by alliance members.
Among the very first members, Beijing Zhulong Information Technology is reportedly one of the members. The company has a history with Tencent Cloud about building a blockchain product using its blockchain-as-a-service platform TBaaS.
Tencent betting big on blockchain
Tencent looks really bullish on blockchain tech as it has been involved in various projects. Back in April, the company announced a blockchain accelerator program called the Tencent Industrial Accelerator. Within the program, Tencent is mentoring 30 firms working with blockchain.
Last month, the company pledged to invest 500 billion yuan ($70 billion) over the course of 5 years, to develop the technological infrastructure that also includes blockchain technology as an area of investment.
The tech behemoth is also a part of the newly launched “National Blockchain and Distributed Accounting Technology Standardization Technical Committee,” that comprises of 71 companies and public entities. The group has been formed to discuss and set industry standards for distributed ledger technology