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Tencent BaaS Platform Has Built-in Smart Contracts

November 9, Chengdu-Guo Rui, Vice President of Payment Platform and Financial Applications (FiT), Director of Internet Securities and Blockchain Business, delivered a keynote speech at the Financial Forum of Tencent Global Partner Conference held in Chengdu. He share his vision on building blockchain + ecology.


Tencent Global Partner Conference

Tencent blockchain passed the credible blockchain evaluation of China’s ICT institute. Guo Rui believes that the blockchain industry has entered the blockchain+ era, in which technology and application scenarios are effectively integrated. A number of blockchain products by Tencent have now been launched, including the BaaS (blockchain as a service) open platform. The BaaS platform aims “to provide users with a more complete and convenient blockchain development and operational experience.”


Guo Rui at Financial Forum

Guo Rui said that the BaaS platform of Tencent poise as: open and sharing, value-linker between enterprises.

“We are committed to being an autonomous and controllable blockchain platform. Why we choose to develop from scratch? We are concerned that the core technologies of many blockchain platforms comes from companies that are either competitor or overseas. We think that we should undertake the leading role in this key technology. Therefore, we independently developed a complete set of bottom-layer blockchain protocols and actively participated in the formulation of credible blockchain standards for China Institute of Information and Communications. “

Guo Rui said the blockchain is a technology of historical significance.

“Blockchain is a technical solution to the issue of mutual trust. For the first time, blockchain enables each participant to jointly make a decision on an equal, open and transparent platform. Blockchain could be applied to every aspects in our life and work.”

Guo Rui described the two service models of Tencent blockchain open platform: shared ledger and digital asset.
“Shared ledger allows everyone to work together on an equal footing to accomplish one thing.” In addition, blockchain-based digital assets can achieve regulatory compliance and flexible distribution while ensuring safety. For example, in terms of circulation, assets can be issued in a distributed fashion without reliance on issuers intervention.

Technically, Guo Rui said Tencent blockchain platform has two major innovations: First, deployment based on database and SQL support, which means developers can stick to their previous development habits; Secondly, the built-in smart contracts helps traditional business model to migrate to blockchain in a more secure, efficient and user-friendly way.

Guo Rui is optimistic about the applications of blockchain bank, insurance, securities, supply chain finance and other industries. Guo Rui shared three practical blockchain user cases. In the cooperation case with Qianhai Lianyirong, the blockchain technology solved the financing difficulties caused by the lack of collateral and asymmetric information in small and medium-sized enterprises. In the cooperation project with China Alliance of Logistics and Purchasing, “Blockchain + TMS” solved the problems of mutual mistrust among parties involved, risks of tampering with logistics information and supervision difficulty. In cooperation with Guangzhou Huishi Technology, the blockchain-based evidence storage system solves the problem of information tampering and business privacy while facilitating legal evidence gathering.


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