Tencent Cloud Establishes Industry Blockchain League, Aims to Recruit at Least 100 Members in 2020

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The cloud computing subsidiary of Chinese tech giant Tencent has just launched an ambitious new industry association for the blockchain sector.

On 2 June Tencent Cloud (腾讯云) announced the launch of an Industry Blockchain League (产业区块链联盟), 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.

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.

Tencent hopes to make use of its open technology and industry solutions plans to help League members to create joint blockchain solution plans.

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%.

Cao Feihu (曹飞虎), vice-general manager of Beijing Konglong Information Technology (北京筑龙信息技术有限责任公司), said that driving further use of blockchain by industry will require greater cooperation between upstream and downstream enterprises.

“The establishment of the League is of benefit to broadly driving blockchain technology development and application,” said Cao.

Beijing Konglong previously worked with Tencent to use the TBaaS platform to create China’s first blockchain-driven bidding transaction platform that covers the full transaction process.

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