Tencent launches blockchain accelerator program

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Chinese tech giant Tencent has launched a blockchain accelerator program, seeking to propel the widespread adoption of the technology in China. The program will select 30 companies, offering them a mentorship program and access to Tencent’s blockchain-as-a-service (BaaS) platform.

Tencent announced the program on its website, revealing that it will be part of the ‘Tencent Industrial Accelerator’ program. It will be open to early stage blockchain startups as well as mature companies that have integrated blockchain technology. The application period runs until July 6, after which Tencent will select 30 companies to participate in the program. Only companies that have completed at least one round of financing will be considered. Further, while applying, the companies must get a recommendation from a well-known entrepreneur or at least two CEOs of firms that have participated in the Tencent Industrial Accelerator program before.

The program will accept applications from companies using blockchain in supply chain management, digital asset transactions, data sharing, energy, governance, manufacturing, logistics, agriculture, education and more.

Once selected, the companies will access four mentoring meetings every year, a network of industry peers which could prove quite valuable and the opportunity to go overseas to learn about blockchain technology. Additionally, Tencent will give them access to its BaaS platform for free for one year where they can build and scale their platforms. According to the announcement, Tencent will incur $14,190 in cost per person for the program.

Tencent continues to be on the frontline of blockchain advancements in China. As CoinGeek reported recently, the company was recently admitted to China’s national blockchain committee. The committee is made up of 71 members, including executives from other tech giants such as Baidu and regulators such as the People’s Bank of China. It’s expected to advise the government on matters blockchain and play a key role in shaping the country’s blockchain regulations.

Tencent has worked with the Chinese government on blockchain projects before, having developed a monitoring tool that cracks down on digital currency scams. Known as Linkgun, the tool uses AI to analyze data from the government, social media and other channels and flags off activities it deems fraudulent within the digital currency industry. Tencent already has access to data from over a billion people who use its WeChat and QQ messaging platforms.