China’s Internet Conglomerate Tencent Launches Third White Paper on Blockchain in Last 3 Years
On October 19, 2019 Chinese internet giant Tencent released a white paper on blockchain, its third in the last three years, making abundantly clear that China’s crackdown on cryptocurrency has not derailed its attempts at flirting with blockchain.
The 2019 Tencent Blockchain White Paper was released by Tencent Cloud and Tencent FIT at Tencent’s first digital transformation strategic meeting: “The road to break the industrial blockchain”. It was jointly held by Tencent Research Institute, Tencent FIT, Tencent Cloud, Tencent Legal Innovation Center and Tencent Finance and Economics.
The white paper explores the development status and trends of the blockchain industry in 2019, proposes the conception and thinking of the industrial blockchain, and announces the Tencent block. Along with highlighting Tencent's practices and achievements in blockchain and industry integration, the white paper also dives into Tencent's plans for the future.
The focus of this paper has been on how to help upgrade traditional industries with the use of blockchain. After nearly five years of industry exploration, Tencent is increasingly convinced that blockchain will go deeper into the industry and empower the real economy.
Tencent first showed interest in the blockchain in 2016 when its bank subsidiary joined one of the first business alliances in China to explore applications of the technology. In 2017, it published its first white paper detailing its plans to build a suite of blockchain services on top of an open platform called “TrustSQL”.
Cai Weige, head of the Tencent Virtual Bank blockchain, said at Saturday’s press conference that since the release of the first edition of the Tencent Blockchain White Paper in April 2017, Tencent has continued to expand its application in tax, justice and finance. As per him, the problem that the blockchain can solve must be in line with the nature of the business and conform to the laws of business.
It’s interesting to note how in the recent years, BAT (Baidu, Alibaba and Tencent) have increasingly invested in blockchain, focusing more on the research and development side of technology – trying to ascertain how blockchain can play the most significant role in all walks of life.