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Chinese IT giant Tencent announced its plan to invest RMB 500 mln (approximately USD 70 bln) in new digital technologies including blockchain for the nex 5 years.
Tencent, China's leading conglomerate internet company as well as a front-runner in the game industry, is one of the top private companies competing for No.1 spot alongside Alibaba. According to a recent report by China Academy of Information and Communications Technology, a third of the top 30 global internet companies in terms of market capitalization were based in China by the end of 2018, of which Tencent was in third place with USD3,816.43, behind Amazon and Alphabet.
Tencent got into the whole blockchain business in 2015. At the end of that same year, the company assembled a research and development team and designed its own blockchain-as-a-service (BaaS) solution for the team's use. On May 31 of the following year, Tencent initiated the Financial Blockchain Shenzhen Consortium (FISCO), joined by 31 members including Webank and PINGANBANK. In June of the same year, Webank launched Tencent cloud-based Baas service. A month later, Tencent promoted a trustworthy internet service with its partner and released a blockchain whitepaper for a win-win strategy with the industry. In August 2018, the company has brought blockchain technology implementation in tax service to realization by launching China's first-ever blockchain receipts in Shenzhen. Tencent's blockchain patent application count reached 80 by May of 2019.
Tencent Sets Food to Develop Its Blockchain Infrastructure
On May 27, according to Southern China Morning Post(SCMP), Tencent Holdings has announced the previous day via WeChat that the investment is driven to develop new digital infrastructure. The plan is to mainly focus on cloud computing, artificial intelligence (AI), blockchain technology, the Internet of Things, as well as the infrastructure such as advanced servers, supercomputers, data centers, and 5G mobile networks. The plan also focused on development across the country of a new network of large-scale data centers.
Which companies will Tencent attract to invest next?
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