Chinese tech giant behind the popular messaging app WeChat, Tencent Holdings, will be investing $70 billion in fintech in order to boost the growth of blockchain, cloud computing, and AI. Reports say that the company planned to implement this initiative on 26 May. The investment plan has been designed for five years.
The popularity of blockchain has been spreading like wildfire all over China for quite some time now. In fact, the technology has been promising in quelling the degrading economy of China during the current pandemic. Blockchain has been a critical factor in motivating companies to make developments in their cloud-based technology infrastructure.
The Senior Executive Vice President of Tencent has expressed his assurance over the success of this investment. According to him, this investment will surely strengthen the blockchain culture and adoption in China along with virus containment.
Key Sectors in which Tencent has Invested
With hopes to restore the economy and the social crises to normalcy, Tencent has also expanded its roots of investment in 5G network plans, the Internet of Things (IoT), and large data centers.
Tencent is relying heavily upon the development of blockchain technology all across China in order to let itself be governed by blockchain in the times to come.
Blockchain Gains the Support of the Chinese Government
Not only private sectors, the government of China too is convinced of the potential of blockchain technology and has decided on providing financial backing to it, thereby making it a national priority.
All the government bodies like the National People’s Congress, the Chinese Parliament, and the Chinese People’s Political Consultative Conference have recently decided to support blockchain technology in order to develop and better the governance system. The whole of China is now inclining towards the blockchain technology for ameliorate progress.