New Blockchain Platform To Be Released By Chinese Internet Giant

New Blockchain Platform To Be Released By Chinese Internet Giant

Tencent Holdings Limited, a Chinese investment holding company, is developing its own blockchain platform. 14Some of the features are low-cost, fas

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Tencent Holdings Limited, a Chinese investment holding company, is developing its own blockchain platform.

14Some of the features are low-cost, fast access, security, an consensus algorithm and transaction confirmation in seconds, as Investopedia (Investopedia.com) reported.

According to a recent paper released by Tenscent, blockchain is the next challenge in the world of technology. In addition, the disruptive technology has the potential to build a more reliable Internet system, while changing the way the digital economy functions at the moment.

The TrustSQL platform is going to be on the market at a time when banks are looking into the possible applications of the blockchain technology. The platform has three layers: 1) a core chain layer, 2) product service layer and 3) application layer. In this way, the solution boasts with application models such as proof certificates, digital assets, shared books, stock swaps and property transactions.

Tencent also announced that its cloud computing arm, Tencent Cloud, considers opening five overseas data centers this year. In this way, it has been said to cater its expanding client base.

The first of these centers has reportedly opened in Silicon Valley. The other centers are expected to start working in Frankfurt, Moscow, Mumbai and Seoul. The new locations serve Chinese companies that try to expand overseas, as well as global companies that want to expand their businesses.

Tencent became public on the Hong Kong Stock Exchange in June 2004. According to cryptocoinnews.com, it is listed over-the-counter in the USA, where it trades under the name TCEHY. The company`s stock price is reportedly said to be up 22.89% year-to-date with a market capitalization of HK$ 2.312 trillion.

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