Tencent’s voice: Six Scenarios for Blockchain to be applied

Blockchain Technology has drawn attention of China’s BAT as 8btc has reported. Alipay just closed its’ first blockchain-based charity project with China Red Cross Foundation (CRCF) to aid aplastic anemia children in China. Today, Guoyue, Assistant Manager of Financial Innovation Lab of Tencent has posted an article about 6 scenarios that Tencent see as potentials area to incorporate Blockchain technology including Tencent’s donation platform, mobile wallet, remittance, insurance, and credit platform.

For Mr. Guo, Block chain is a decentralized, trustless and consistent storage system, which can solve the core issue-credit through the simple “signature” mechanism and “majority rule”.

Below are the scenarios Guo feel Tencent can dig into.

For example, can we establish public Blockchain for Tencent’s donation platform, where inflow and outflow of funds are recorded. All donations and fund usage is fully disclosed, tamper-proof and retrospective. The platform will be more trusted and more conducive to the healthy development of public welfare undertakings.

For Tencent’s products like Wechat payment, QQ e-wallet and financial management wallet,a Blockchain where transactions are not recorded via banks but via the involvement of the private keys to ensure the security of the funds. Then in the future, people’s money will not be stolen.

In the field of cross-border remittances, Bockchain technology can also help a lot. Through the decentralized network, international financial settlements can be handled more quickly with lower costs. There is no need for these settlements to be handled by the traditional the SWIFT network, which is slow and expensive.

For credit, we can build an open and neutral credit platform on which stores reputation and comments will be recorded. These records can’t be denied or removed. This can prevent controversial issues resulting from mismatch of information.

How about other industries? Securities, P2P loans, personal education records, medical records, digital invoices- you name it. The monitoring function can be applied in areas where there are credit risks and fund risks. Even for the internal systems of Tencent can use Blockchain technology to monitor them and make them more secure.

To read the original text, please see the Chinese article.

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