China-based technology giant and gaming company Tencent has launched its blockchain accelerator programme, the media reported.
In a press release, Tencent revealed that as a part of its blockchain accelerator proramme, it will mentor 30 companies in three major areas of distributed ledger technology (DLT), including finance, logistics, supply chain, and more.
The blockchain programme, which is called Tencent Industrial Accelerator, is open to both blockchain startups as well as established firms and industries interested in adopting revolutionary technology.
Tencent said, “Tencent Blockchain Accelerator is an important part of Tencent Industrial Accelerator. By integrating global DLT industry resources and linking excellent blockchain companies, a multi-dimensional service platform based on technology, scenarios, business opportunities, and capital is created to achieve strategic planning.”
The program is now live and interested participants have until June 6, 2020, to send in their applications, including their business plans and a recommendation letter.
China recently approved 224 new blockchain-related projects, the media reported. Around 40 percent of these projects are from Beijing.
The approved projects include some big names such as Baidu, JD, Alibaba, Suning, China Mobile, China Merchants Bank, and others. Reportedly, Walmart China’s blockchain project for tracing food safety has also been approved by Chinese officials.
Since the coronavirus pandemic originated in the Chinese city of Wuhan last year, China has been fast-tracking blockchain projects in the country. However, the ulterior motive of China is to launch its own digital currency.
Reportedly, China has formed a National Blockchain Committee with giants like Huawei and Tencent to determine standards and form a regulatory framework for the industry in China.