Tencent’s Webank to Power China’s National Blockchain Consortium

WeBank, the Tencent-backed digital bank, is slated to provide technical infrastructure for China’s nationwide Blockchain-Based Service Network (BSN).

CoinDesk, citing Chinese state media, says that the Shenzhen-based firm will provide its patented open consortium chain FISCO BCOS to the consortium.

The 14-member consortium, which includes heavies like China Telecom and Huobi, will be developing and operating blockchain-fueled applications on the network. Rather than using a single chain however, it’ll be a “set of blockchain applications to serve the general public.”

The BSN 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, according to the report.

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