Tencent Cloud, the cloud computing arm of Shenzhen-based tech giant Tencent, launched a blockchain infrastructure engine and a blockchain-based trusted computing platform at its recent Global Digital Ecosystem Summit, further expanding Tencent’s foothold in the blockchain sector.
The Blockchain Base Level Engine (区块链底层引擎) and its Blockchain Trusted Computing Platform (区块链可信计算平台), are both designed to “further enrich its blockchain product offerings,” according to a news release from Tencent.
As per Tencent, the blockchain infrastructure engine aims to cope with cross-chain compatibility and scaling, both of which are the Achilles heel of blockchain infrastructure. Tencent’s engine creates a unified identifier that covers multiple chains, allowing one administrator to achieve verifiable and programmable interoperability. It also supports the ability of oracles, which are trusted data input sources, to write to multiple blockchains simultaneously.
Tencent said that its Blockchain Trusted Computing Platform, the second platform it launched at the event, also aims to resolve the privacy, security and ownership issues for data suppliers and users in sensitive industries like healthcare and finance.
“Blockchain is becoming the most important digital infrastructure to connect different industrial sections, to enhance efficiency and to achieve the industry’s transformation of digitalization,” said Li Lee, the chief manager of the blockchain section of Tencent Cloud, in a statement. “Serving the industry is a vital component of Tencent’s industrial internet strategy. Tencent Cloud will cooperate with partners from different industrial ecosystems to make the blockchain technology applicable in more industries.”
Since 2015, Tencent noticed the potential of blockchain and started to make efforts on the technology’s research, development, and application scenarios. This year, Tencent said it has committed RMB 500 billion (USD$73 billion) to develop new technology and infrastructure from IoT, cloud computing, 5G and blockchain.
Tencent’s blockchain efforts are receiving positive feedback. According to Chinese government data, Tencent has applied for 900 blockchain patents as of the end of 2019, which is more than rival Alibaba and telecom giant Huawei.
In April this year, Tecent launched a blockchain accelerator project, helping 30 enterprises build blockchain-based applications and platforms. The uses cover many areas, including supply chain, digital invoice, digital identification, traceability platform and logistic finance, with a total value of 7.6 billion yuan, or about US$1.1 billion.
Tencent is also a member of the National Blockchain Committee, a branch of the National Ministry of Industry and Information(MIIT), the national blockchain standards commission for China.