The two companies signed a letter of intent for a partnership centered on blockchain technology. The announcement was made at the 2017 World Internet of Things Exposition in Wuxi, China. The companies will develop blockchain technology for the TUSI (Tencent User Security Infrastructure) Internet of Things (IoT) laboratory. The joint effort will help product safety assessment and provide security monitoring, among other services to enterprise customers.
Tencent announced about Working on its First Blockchain Platform in April 2017.
Blockchain is a new application mode in distributed data storage, point-to-point transmission and encryption algorithms for computer technology, which can be widely used in a variety of IoT scenarios and can guarantee security of user data while protecting large-scale malicious attacks on IoT applications.
Chinese media and technology giant Tencent intend to use cloud-based blockchain technology via Intel. It’s unclear whether this refers to the Coco Framework, a Microsoft-Intel joint project or some iteration of Hyperledger. Recently, Hyperledger announced Sawtooth Ethereum, which allows for the deployment of EDCCs (or smart contracts) to Hyperledger Sawtooth.
Tencent Mobile Internet Group vice president Wu Yu remarked that Intel’s technology will assist with critical hardware security. “Intel is committed to providing privacy protection, security and scalable technology, and by working with Tencent on blockchain technology, the prospects will be exciting.” said Rick Echevarria, vice president and general manager of platform security at Intel’s Software and Services Group.
According to Rick Echevarria, they are excited to partner with Tencent on the project.
Tencent invested in Kik $50 million in August 2015 and launched an ERC20 token via an initial coin offering (ICO).
Tencent has worked with Wuxi High-Tech Industrial Development Zone in China’s eastern Jiangsu province to create the nation’s first TUSI (Tencent User Security Infrastructure) Internet of Things laboratory.
The TUSI IoT laboratory is a research facility focused on key industrial technology, testing and certification, technology transfer, joint development and other technical services.
The lab aims to build a trusted smart city without the need for passwords. The firm will add more Internet plus resources related to healthcare, transportation, police and education.