Regarding a press release on October 18, the Chinese Financial Blockchain Shenzhen Consortium (FISCO), an association formed by led by multinational telecommunication company Huawei and tech giant Tencent, unveiled its intention to launch coinless blockchain named FISCO BCOS.

FISCO gathers more than 100 financial entities including prominent players which are Shenzhen Securities Communication together with Webank, a digital bank initiated by Tencent. This advanced platform is going to be publicly introduced at the Singapore Fintech Festival, which will take place from November 12 to November 14.

As described by the consortium, FISCO BCOS is programmed to distribute its applications to the general public. The initiative hold by the new platform is demonstrated through the speed of transactions per second (TPS), which the expectation exceeds 1000. Moreover, it is asserted by FISCO that its blockchain will apply Byzantine fault tolerance protocol and even support Zero-knowledge proof.

Another promising advantage that the blockchain network brings is the inclusion of “observatory” nodes allowing regulators and auditors to monitor and access data easily, stressed by the consortium.

Previously, Huawei has collaborated with Hyperledger – an open source blockchain operation established by the Linux Foundation in 2015 in carrying out several decentralized projects.

In March, a blockchain benchmark tool which users could appraise the performance of a particular blockchain implementation named Caliper service was launched by Hyperledger with development support from Huawei. Later in April, based on the Hyperledger blockchain, Huawei has released its Blockchain-as-a-Service (BaaS) tool enabling developers to create and deploy services on Huawei Cloud.

This spring, Huawei mobile users will be given the right to download Bitcoin (BTC) wallets on their devices easily; moreover, all new Huawei smartphones will be pre-installed with the wallets

Tencent has previously participated in the blockchain space as well. In June, the tech giant partnered with Chinese officials to create the China Blockchain Security Alliance, which will consist of more than 20 public and private institutions — including government advisory agencies — and will develop secure mechanisms to deploy blockchain all over the country.

Besides Huawei, Tencent has also shown its active adoption in blockchain space. Typically, the tech giant cooperated with Chinese officials in establishing the China Blockchain Security Alliance. The alliance comprises of over 20 public and private institutions (including government advisory agencies) and cultivates secured mechanisms to disrupt several sectors within the country by blockchain.

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