Chinese Internet giant Tencent committed to invest heavily in new technologies such as the blockchain, to overcome the effects of the epidemic of the coronavirus.
The Creator of the popular Chinese instant messenger WeChat, Tencent will invest 500 billion yuan ($ 70 billion) in “new infrastructure” based on the latest technologies over the next five years.
In an interview with state media on Tuesday, Dawson Tong (Dowson Tong), senior Executive Vice President of Tencent, confirmed that the company has also provided investment for sectors such as cloud computing, artificial intelligence and cybersecurity.
It is not clear which part of the investment Tencent finally take on the blockchain, the company also did not specify what to invest.
The company recognized that its cloud offerings suffered from the economic downturn caused by a coronavirus. The country is beginning to return to normal life, and “uskoreniye strategy” new infrastructure “will help contribute to further success in the fight against the spread of the virus,” said Tong.
Interestingly, last month, Chinese network blockchain Blockchain services Services Network (BSN) was launched for commercial use. Blockchain is the most important part of the technical strategy of the country, and the government hopes that the BSN will form the basis of the infrastructure for services that use technology throughout the country.
The continued support of the blockchain by the Chinese authorities is paying dividends, according to Hypo Yang (Yang Haipo), founder and CEO of Chinese cryptocurrency CoinEx. Recently he told me that this simple approach has helped to create a “fruitful atmosphere for blockchain technology”. In his opinion, this has improved the reputation of China as the innovation center and led to the emergence of a platform for investment in the blockchain.
Tencent is gradually expanding the share of technologies in the blockchain. At the end of last year, the network launched a system of accounts, working on the blockchain, and received positive feedback from the Hong Kong regulator to begin work on a virtual Bank based on the blockchain. In addition, the company became a member of the new national Committee which helps to set industry standards blockchain technology together with several competitors.
Because the blockchain is sanctioned by technology in China and the infrastructure for a range of services, because the BSN is already running. It is not surprising that against this background, Tencent has decided to allocate large-scale investments in the latest technology.