Tencent CEO says not ready for ICOs, values blockchain

Updated 2018-03-06 16:44:01 Ecns.cn

Pony Ma, chairman and CEO of Tencent Holdings. (File photo/China News Service)

(ECNS) — Pony Ma, chairman and CEO of Tencent Holdings, said on Tuesday that blockchain is good technology though still at an early stage and that the Internet giant is actively exploring its application. [Special coverage]

Ma said blockchain, the technology that underpins the digital currency bitcoin, can be applied in many areas because it creates an indelible record that cannot be changed.

Tencent is applying the technology in supply chain finance, a 'microgold' service backed by the Industrial and Commercial Bank of China, logistics information, legal proofs and documents, and the non-profit search for missing people, said Ma.

He also said Tencent has accumulated 40 million transactions in the 'microgold' service and also worked with many banks to store tens of thousands of documents that can be used as legal proof.

Tencent will not engage in Initial Coin Offerings because it considers the technology immature and filled with many risks, said Ma, adding that problems may rise if everyone turns to ICOs.

"Digital currencies are quite hot now, but we are not part of it. We will not make an ICO because I think it's highly risky," said Ma.

Cai Yige, general manager of Tencent's blockchain operations, said the company is approaching it from the perspective of underlying platform technology and also actively exploring its use.

Wang Jun, chief researcher at Tencent Financial Technology Think Tank, also said the healthy development of blockchain requires more business and legal input. Wang noted the regulations over ICOs are quite necessary to prevent financial risk.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 13 2018 15:04:55

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16November 13 2018 15:04:55

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 13 2018 15:04:55

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords