Tencent taps blockchain to set up supply chain finance platform

The decision is meant to establish an open supply chain finance service platform based on blockchain technology, according to the companys top management.

According to Tencent offiicials, the platform will empower medium and small-sized enterprises, helping them to get out of the financing predicament. Tencent has already partnered with Linklogis to develop the platform, which enables enterprise clients to operate through mobile devices based on WeChat platform.

Supply chain finance based on blockchain technology could ensure data credibility and enhance privacy protection, thus improving the efficiency of supply chain fund operation and reducing the overall business cost, according to a white paper published by China Academy of Information and Communications Technology.