China’s Tencent Launches Blockchain Accelerator for the Public, Social Media Claims

*Note: BeInCrypto cannot independently verify this news and we will update this piece with further details. One of the largest Chinese conglomerates, Tencent, has apparently launched its blockchain accelerator. It’s one of the few instances where the conglomerate has directly promoted the technology.

Tencent’s Blockchain Accelerator Goes Pubic

According to the head of marketing at HashKey (@molllliy) on Twitter, Tencent has launched its blockchain accelerator for the public. Called the “Tencent Industrial Accelerator,” the corporate giant will be training and leveraging experts in all things blockchain. The sign-up application form for the first phase has been released. The company is looking for 30 co-builders to ‘jointly build’ an industrial-grade blockchain. There are multiple recruitment directions on the application form. A few industries targeted include government affairs, finance, energy, education, logistics, industrial manufacturing, agriculture, and public welfare. Specific applications mentioned include supply-chain finance, certifications, electronic bills, digital assets transactions, and much more. As of 2018, Tencent was valued as the fifth-highest global brand by value. Its focus on blockchain technology is aligned with China’s recent efforts to accelerate this growing sector. The conglomerate is part of China’s recently formed National Blockchain Committee, which will set standards for the entire country.

The Blockchain Craze in China

The hype surrounding blockchain tech in China has been picking up steam in the past few weeks. Yesterday, BeInCrypto reported that China has approved 224 new blockchain projects from big-name brands in the country. Its state-backed digital currency will be tested at McDonald’s and Starbucks.  All of this news has led to some speculation: could the ‘China blockchain narrative’ lead the cryptocurrency market in 2020? Some have speculated that it may be a cause for bullish momentum as we close out the year. It seems likely that we will see the public release of the ‘crypto yuan’ sometime this year as well. All of these developments bode well for China, however, the fate of ‘decentralization’ remains uncertain. The country has repeatedly been hostile to cryptocurrencies and has opted to instead focus solely on blockchain technology. We will have to see whether or not the country will ease these restrictions in the coming year.