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Internet Giant Tencent is Building a Blockchain Platform
Chinese internet conglomerate Tencent is launching a new suite of blockchain services, detailing the plans in a new white paper.
By Stan Higgins
Updated Sep 11, 2021, 1:16 p.m. Published Apr 25, 2017, 1:27 p.m.
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Chinese internet conglomerate Tencent is building a suite of blockchain services, detailing the plans in a new white paper.
The firm – the maker of popular social services such as QQ and WeChat – is planning to use the technology to offer digital asset management, authentication and "shared economies", among others services. The new platform, dubbed "TrustSQL", is envisioned as a three-part system, incorporating the core chain layer, a product and service layer, and an application layer.
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In statements, Tencent said that it would leverage its technological resources to push the platform, and that it sees the project as an open-ended one that encourages collaboration with other firms. (TrustSQL is envisioned as a way "to promote the development of [a] trusted internet", according to a rough translation of the paper.)
The white paper further included a call for the government to play a more active role in the development of blockchain within China.
"The involvement of government in the development and regulation of block chains is necessary and should encourage in-depth research on blockchain technology and block-chain applications," the authors wrote.
Though the exact timing of the launch isn’t yet known – statements indicate that the platform is still in development – the unveiling nonetheless represents Tencent's most direct move in the blockchain space to date.
Last summer, a subsidiary of Tencent was among 31 companies in China to back a Shenzhen-based blockchain consortium. Tencent-backed Webank also took part in a blockchain event in September of last year.
The full white paper can be found below:
Tencent_TrustSQL_WhitePaper by CoinDesk on Scribd
Image Credit: Claudio Divizia / Shutterstock.com
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