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Tencent and Intel are using Blockchain technology with the aim of taking the lead in rapidly growing Internet of Things space
Chinese media and technology firm Tencent and Intel announced at the 2017 World Internet of Things Exposition in Wuxi, China on September 10 their signing of a letter of intent for a partnership centered on Blockchain technology.
The partners asserted that the project will focus on developing applications for the Tencent User Security Infrastructure (TUSI) Internet of Things (IoT) laboratory.
According to Tencent Mobile Internet Group Vice President Wu Yu, there is an increasing adoption of IoT technology worldwide and they want to take advantage of this growth. He added that Intel’s technology will be used to resolve issues with critical hardware security.
According to the letter of intent, Tencent will utilize cloud-based Blockchain technology through the support of Intel. It’s presently unknown whether the project will use the Coco Framework, which is a joint project of Intel and Microsoft, or an iteration of Hyperledger, which is Linux’s open-sourced platform for Blockchain projects.
According to Intel’s Software and Services Group vice president and general manager of platform security, Rick Echevarria, they are excited to partner with Tencent on the project.
“Intel is committed to providing privacy protection, security and scalable technology, and by working with Tencent on Blockchain technology, the prospects will be exciting.”
Tencent also recently made a $50 million investment in the messaging application (app) Kik and launched an ERC20 token via an initial coin offering (ICO).
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