WeBank owned by Tencent in China will be providing infrastructure for China’s National Blockchain Consortium
- China National Blockchain Consortium will have infrastructure provided by WeBank.
- The bank will provide its patented open consortium chain to the BSN.
Tencent’s WeBank, a digital bank that provides loans to small businesses and individuals, has become the first technical infrastructure provider for the nation’s blockchain network.
Chinese state media report that the bank will be providing the Blockchain-Based Service Network (BSN) with its patented open consortium chain FISCO BCOS.
As per the statement from the company, as opposed to a single blockchain, the consortium chain is a set of blockchain applications to serve the general public.
The BSN which was launched last week, consisting of some 14-members will be developing and operating blockchain-based applications in the network using their individual expertise and technologies.
Members of the consortium include WeBank, Huobi China, the State Information Center, and state-owned tech giants China UnionPay, China Mobile and China Telecom.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
