Tencent to Invest $70 Billion in New Technologies Including Blockchain
- Chinese Internet-based company looks to move past Covid-10 impact
Tencent, the creator of messaging service WeChat, is investing 500 billion yuan ($70 billion) into “new infrastructure” based on emerging technologies over the next five years, according to market sources.
Tencent is a Chinese multinational conglomerate holding company founded in 1998. Its subsidiaries specialise in various Internet-related services and products, entertainment, artificial intelligence and technology both in China and globally.
In an interview with state media Tuesday, Dowson Tong, Tencent’s senior executive vice president, confirmed the company had also earmarked investment for sectors such as cloud computing, artificial intelligence, and cybersecurity.
The sources said that it isn’t clear how much of the $70 billion investment Tencent will ultimately set aside for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, nor has it elaborated on what specifically it will be investing in.
They added that the firm has acknowledged that its cloud offerings have been hit by the coronavirus-induced economic slowdown as the nation starts its return to normality.
“Expediting the ‘new infrastructure’ strategy will help further cement virus containment success,” Tong said in a report by a local news source.
BSN
The move 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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term the technology all around the country.
China’s steadfast support for DLT is paying dividends, Haipo Yang, founder and CEO of Chinese crypto exchange CoinEx, said in an interview.
He explained this unambiguous approach has helped create a “good environment for blockchain technology,” improving China’s credentials as an innovation hub and leading to the emergence of a vibrant blockchain investment scene.
Last year, Tencent launched a DLT-powered invoice system and received permission from the Hong Kong regulator to start work on a blockchain-based virtual bank.
Along with a number of its competitors, the firm also became a member of a new national committee to help set industry standards for blockchain technology.
Tencent, the creator of messaging service WeChat, is investing 500 billion yuan ($70 billion) into “new infrastructure” based on emerging technologies over the next five years, according to market sources.
Tencent is a Chinese multinational conglomerate holding company founded in 1998. Its subsidiaries specialise in various Internet-related services and products, entertainment, artificial intelligence and technology both in China and globally.
In an interview with state media Tuesday, Dowson Tong, Tencent’s senior executive vice president, confirmed the company had also earmarked investment for sectors such as cloud computing, artificial intelligence, and cybersecurity.
The sources said that it isn’t clear how much of the $70 billion investment Tencent will ultimately set aside for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, nor has it elaborated on what specifically it will be investing in.
They added that the firm has acknowledged that its cloud offerings have been hit by the coronavirus-induced economic slowdown as the nation starts its return to normality.
“Expediting the ‘new infrastructure’ strategy will help further cement virus containment success,” Tong said in a report by a local news source.
BSN
The move 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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term the technology all around the country.
China’s steadfast support for DLT is paying dividends, Haipo Yang, founder and CEO of Chinese crypto exchange CoinEx, said in an interview.
He explained this unambiguous approach has helped create a “good environment for blockchain technology,” improving China’s credentials as an innovation hub and leading to the emergence of a vibrant blockchain investment scene.
Last year, Tencent launched a DLT-powered invoice system and received permission from the Hong Kong regulator to start work on a blockchain-based virtual bank.
Along with a number of its competitors, the firm also became a member of a new national committee to help set industry standards for blockchain technology.