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Tencent and Huawei-Backed Coinless Consortium Blockchain Takes Aim at Hyperledger Fabric

The cryptocurrency market may be stuck in a persisting bear market, but the enterprise blockchain space is gaining momentum with a China-born coinless blockchain platform, backed by internet titan Tencent and multinational telecommunication company Huawei, going to make its first international debut next month.

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The platform, dubbed “ FISCO BCOS”, is built by The Financial Blockchain Shenzhen Consortium (FISCO), which is one of China’s largest blockchain consortiums and features more than 100 members including WeBank, Tencent Cloud, and Shenzhen Securities Communication. FISCO will present its new open-source blockchain platform at the Singapore Fintech Festival, which will take place from November 12-14.

BCOS is geared towards providing enterprise-grade distributed ledger (DLT) solutions. Unlike other major consortium chains like Ethereum-based Hyperledger Fabric, or R3 Corda, BCOS will be completely coinless and open to the public.

This makes it a new type of blockchain application ecosystem which is available to general public and aims to solve specific problems , rather than a single ‘traditional’ blockchain.

The platform is specially designed to comply with the regulatory requirements in the country  and operational requirements of the financial industry. According to FISCO, BCOS incorporates “ observatory” nodes allowing regulators and auditors to access and monitor the real-time data flow in the network.

Per the release, BCOS is able to handle thousands of transactions per second (>1000 TPS) with split-second confirmation, outperforming bitcoin and Ethereum network. It also claims that the platform will leverage upgraded architecture and localized optimization to make secure and efficient concurrent computation and parallel expansion possible.

So of now, many applications have been built upon the platform across tourism, gaming, finance, supply chain, recruitment and copyright transactions among other fields.

Many major high-tech players in China has launched their own Blockchain-as-a-Service (BaaS) solutions. In April, Huawei launched its blockchain service platform to enable companies and to develop smart contracts on top of a distributed ledger network for several use-case scenarios.

Back in 2017, Tencent unveiled a blockchain-as-a-service (BaaS) platform called TrustSQL which aims to offer clients the ability to “build a safe and efficient solution based on scenario with self-controllable blockchain infrastructure” .

But BCOS wants to pursue a bigger ambition of building a coinless “Ethereum Killer”.

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