Tencent is Funding $70B In New Technology Including Blockchain Technology
Chinese internet giant Tencent is studying to invest massively in new technologies such as blockchain as it seems to move past the effects of the coronavirus epidemic. The creator of popular messaging service WeChat, Tencent is funding 500 billion yuan ($70 billion) into “new infrastructure” based on rising technologies across the next five years, as reported by Reuters. In a statement that Tencent’s senior executive vice president established, the company also had designated investment for sectors such as cloud computing, artificial intelligence, and cybersecurity.
It isn’t obvious how much of the $70 billion investment Tencent will eventually set aside for blockchain, nor has it embellished on what precisely it will be funding in. As per Reuters, the firm has confirmed the coronavirus-induced economic slowdown has hit its cloud offerings. As the nation commences its return to normality, “Expediting the ‘new infrastructure’ strategy will help further cement virus containment success,” Tong said in a statement.
The news comes a month after China’s Blockchain Services Network (BSN) was rolled out for commercial use. Blockchain is a critical part of the country’s tech strategy, and the government hopes BSN will form the backbone infrastructure for services that leverage the technology all around the country.
China’s steadfast maintenance for DLT is giving dividends, believes Haipo Yang, founder, and CEO of Chinese crypto exchange CoinEx. He described this straightforward approach as a “good environment for blockchain technology,” enhancing China’s credentials as an innovation hub and beginning to the development of a vibrant blockchain investment scene.
Tencent has continuously expanded its exposure to blockchain. At the end of last year, it launched a DLT-powered invoice system and obtained the green light from the Hong Kong regulator to commence work on a blockchain-based virtual bank. It’s also a member of a novel national committee to assist set industry standards for blockchain technology and numerous of its competitors.
With blockchain being a state-sanctioned technology in China, and with the infrastructure for a whole host of new services – the BSN – having already launched, it should appear as no wonder Tencent has opted to set apart possibly billions of dollars for investment in the emerging technology.
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