On January 26, Tencent Blockchain General Manager Cai Yige attended the Global Blockchain Conference (San Francisco Station). Top blockchain scientists, entrepreneurs, investors and other industry-related people from China and the US, such as Zhang Shousheng, Stanford University and founder of Danhua Capital, Joseph ?$#@$, founder of Lightning Network, and Da Hongfei, founder of NEO, attended the conference.

At the conference, Cai Yige introduced the development background and progress of blockchain applications currently developed by Tencent.

Nowadays, blockchain is receiving more and more attention from the Chinese government, and relevant national departments and local governments have issued policy guidance and notification documents on blockchain.

Since the inception of blockchain technology, its application has gradually penetrated from digital virtual currency to all walks of life in society, and has begun to show its value in “building trust.” However, as a domestic Internet giant, Tencent first invested and pioneered the launch of its product, Tencent Blockchain.

Tencent Blockchain has entered the commercial application stage and has been implemented in many fields

Since 2016, Tencent began developing the underlying blockchain technology on its own. In 2017, it completed the complete accumulation of the underlying technology, and has now entered the commercial application stage.

In April of last year, Tencent released the “Blockchain Solution White Paper” (follow the WeChat account qqtanzhang, reply to “Inspector” for the full text), and in September of the same year, the first batch passed the “Trustworthy Blockchain Testing Standards” of the Chinese Academy of Information and Communications Technology. Up to now, Tencent blockchain has been used in various fields such as finance, public welfare, law, and logistics.

Tencent Blockchain officially launched the BaaS (Blockchain as a Service) open platform in September last year. Users can easily and quickly build their own affiliate chain services based on Tencent's mature service system.

Cai Yige shared examples of Tencent blockchain applications in finance and public welfare at the conference.

Cai Yige said, “There is such a phenomenon or problem in the current supply chain finance system. Since capital will be concentrated on priority services to tier 1 suppliers, it is difficult for tier 2 suppliers and tier 3 and multi-tier suppliers to raise capital. Furthermore, due to information asymmetry, there is a low level of trust in transactions between core companies and suppliers.

Therefore, Tencent Blockchain addresses this pain point to solve the financing difficulties of small and medium-sized enterprises in the supply chain due to factors such as asymmetric information and lack of collateral.

In terms of public welfare, in order to better help lost, abducted, and homeless children return home, Tencent's trustworthy blockchain solution has been implemented in the “Charity Tracing Chain”.

Cai Yige pointed out that the resources of various public service platforms are currently being wasted to a certain extent. For example, parents of lost children need to register separately for each tracing platform to post information, which is quite time-consuming. Also, after the child finds a certain platform, some platforms may not receive synchronization-related information, but they still consume information resources, causing waste.

In response to this problem, the Tencent blockchain connects multiple tracking platforms within Tencent, breaks down information barriers, realizes information sharing among major public service platforms, and enhances the collaborative efficiency of public welfare search.

Tencent Blockchain has two major innovative features. Open sharing and cooperation methods empower all sectors

From a technical perspective, Tencent Blockchain has two major innovations.

First, Tencent Blockchain has more than 20 patented technologies. Compared with most open source systems made through multiple cooperation methods in China, Tencent Blockchain has achieved completely independent research and development, and has invented built-in smart contracts. It can be more secure and efficient in terms of execution, and facilitate the migration of users' business models to blockchain.

In addition, Tencent Blockchain's database-based delivery method supports SQL interface access. Users can follow previous development habits. It is very easy to use and operate, has a low threshold of use, and has the characteristics of high-speed access, high security, and efficient operation.

In terms of cooperation and openness strategies, Cai Yige said: Tencent's blockchain is positioned as open sharing, becoming a “value linker” between enterprises. Cai Yige said, “Typical industry service providers in various scenarios are welcome to work with Tencent to build a service system for their industry, provide low-level services to all major service providers, and achieve a win-win situation.”