Intel, Tencent Sign Letter of Intent For Blockchain Technology Collaboration
On September 10, 2017, Tencent and Intel announced a cooperative effort centered on blockchain technology, according to local media. The announcement was made at the 2017 World Internet of Things Exposition in Wuxi, China. The multi-billion-dollar companies will develop blockchain technology for the TUSI (Tencent User Security Infrastructure) Internet of Things (IoT) laboratory. The joint effort will help provide security monitoring and product safety assessment, among other services to enterprise customers.
Per the letter of intent, Chinese media and technology giant Tencent will use cloud-based blockchain technology via Intel. It’s unclear whether this refers to some iteration of Hyperledger or, perhaps, the Coco Framework, a Microsoft-Intel joint project. 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 recognized the growing prevalence of IoT technology, remarking that Intel’s technology will assist with critical hardware security. Rick Echevarria, vice president and general manager of platform security at Intel’s Software and Services Group, said, “Intel is committed to providing privacy protection, security and scalable technology, and by working with Tencent on blockchain technology, the prospects will be exciting.”
In August 2015, Tencent invested $50 million in Kik. The messaging application recently introduced an ERC20 through a token offering (ICO).