Tencent and Intel Team Up to Develop Blockchain-based ID Solution
10 Sep, Wuxi-Tencent, the social media giant in China, has worked with Intel and Wuxi High-Tech Industrial Development Zone in Jiangsu province to set up the nation’s first TUSI (Tencent User Security Infrastructure) Internet of Things laboratory. The lab is to promote defense capability in IOT use cases with blockchain technology.
Tencent enters into cooperation with Intel on blockchain development. source:tencent
Wu Yu, VP of Tencent Mobile Internet Department, said that security is always the primary concern of Tencent. The TSUI lab is expected to aggregate power from the government and the enterprises, connecting research institutes and business partners, promoting more applications with blockchain technology and the healthy development of IOT.
As per the intent signed by both parties, the TSUI lab will develop consortium blockchain based on the blockchain technology of Intel, offering service like IOT network security monitoring, security assessment of products, security service capacity output in order to change the status quo: various ID verification standards on client side . Eventually, all units of the ecosystem could design and manufacture smart hardware, software and smart household equipment with a common standard and enjoy a united security protection.
It’s reported that Intel took a hardware-based consensus approach called “proof of elapsed time,”
“The algorithm was designed to run on Intel chips through the use of software guard extensions (SGXs) – sets of instructions that create enclaves for important data within the hardware.”
“I am glad that Intel has partnered with Tencent in the area of blockchain and IOT.”
said Rick Echevarria, BP and GM of Intel Software and Services Group.
“Intel has been committed to offering blockchain industry the best privacy protection service that is secure and scalable. The prospect of Intel’s partnership with Tencent in blockchain technology development is brilliant and encouraging,”
Wechat, the dominant social messenger in China developed by Tencent, has 963 million active users as of Q2 2017. If Tencent is to offer the 1 billion users with blockchain-based IDs, it will promote the awareness of blockchain to next level.