Tencent’s WeBank to Power China’s Blockchain Network

The Shenzhen-based firm will provide the tech for the country’s national blockchain consortium. WeBank, China’s first digital bank, will provide the technical infrastructure for the country’s nationwide blockchain-based service network (BSN), according to a Chinese state media report.

BSN plans to offer infrastructure services for any Chinese or international entity that uses blockchain. According to the agreement, BSN will use WeBank’s open-source FISCO BCOS blockchain application ecosystem, and WeBank will provide technical support and training for BSN developers, the report said.a

China is attempting to build a nationwide blockchain network to serve a range of state-controlled public services across the country, including telecommunications and energy management.

Users in various industries often face dilemmas such as high cost of forming a chain, heterogeneity of the underlying platform, and inability to interact with data. Promoting the construction of public infrastructure at the bottom of the blockchain has become the meaning of pursuing the development of the digital economy, the report said.

Led by the State Information Center, a think tank affiliated with the National Development and Research Commission, China’s highest central planning agency, the BSN consortium includes firms like WeBank, Huobi China, UnionPay, China Mobile and China Telecom.

The project has been tested in 25 cities across China as well as Hong Kong and Singapore. It is expected to be tried out in more than 200 cities by 2020.