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China’s Tencent to Embrace Blockchain Logistics and Help Smaller Enterprises Out of Financing Plight

March 20, 2018 – China’s dotcom giant Tencent launched the blockchain-based supply chain consortium and cloud bill platform at the 3rd Global Logistics Technology Conference. The move of Tencent partnering with China Federation of Logistics & Purchasing (CFLP) signals its ambition to enter the logistics area over a blockchain system.

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According to Tencent, it would make full use of its edges in social networking and blockchain technology, integrating with CFLP’s advantages in industry resources and scenarios. The two parties would like to mutually promote the blockchain technology applied to various fields in logistics and supply chains such as car industry, e-commerce, cold chain, medicine, logistics, hazardous chemicals and road freight.

Tencent and CFLP will work together to develop an industry application as well as a systematic platform based on Tencent blockchain-TrustSQL, including platforms for e-waybill service, TMS (Transportation Management System) & WMS (Warehouse Management System), cold-chain traceability, as well as finance and insurance of logistics & purchasing. Based on its cloud bill platform, e-waybill could replace paper waybill, and e-signature for hand-written signature on papers. Data authenticity and security are ensured with blockchain features of distribution, encryption and untampering.

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“Trust issues and potential data tampering, as well as financing challenge are the thorns in the traditional logistics industry. We hope to fundamentally change financial institutions’ credit lines and risk control mode to smaller enterprises and help them out of the financing plight by our effort in blockchain.” Cai Yige, general manager of Tencent blockchain business, said.

In fact, Tencent has early got their fingers in blockchain. As early as 2015, Tencent set up a team engaged in blockchain research and development; in April 2017, Tencent TrustSQL Whitepaper was released, and TrustSQL was built to provide enterprise-level services. Months later, it ranked among the first batch enterprises to pass the Trusted Blockchain Test Standard of China Academy of Telecommunication Research of MIIT (CAICT) in September. In late 2017, its BaaS (blockchain as a service) open platform was launched, aiming to provide users with a more complete and convenient blockchain development and operational experience.

As is known that Tencent has been exploring blockchain application in the fields of supply chain finance, legal evidence repository, digital assets and public welfare people finder. In terms of public welfare, Tencent TrustSQL has launched a blockchain for people finder service linked to several search platforms within Tencent. It was claimed that hundreds of missing people have been found on the platform. Whilst its platform of legal evidence repository has already stored tens of thousands of data from several banks.

Tencent’s move, following Alibaba and JD, signals that dotcom giants in China have managed to leverage blockchain technology in various scenarios.

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