Tencent Holdings Limited, a Chinese investment holding company, has signed a letter of intent with American semiconductor manufacturing giant Intel on blockchain cooperation, according to Chinese media sources.

Tencent’s subsidiary Shenzhen Tencent Computer System has been working with Wuxi High-Tech Industrial Development Zone in Jiangsu province to establish the country’s first TUSI (Tencent User Security Infrastructure) Internet of Things laboratory. The lab aims to build a smart city that would not rely on passwords.

Under the agreement, with Intel and Tencent will work together to develop blockchain technology for the TUSI IoT laboratory and foster the development of security capabilities in IoT applications.

According to laoyaoba.com, the Tencent TUSI Security Lab will use the Intel Cloud-based blockchain core technology to develop a blockchain that would provide enterprises with many services including security monitoring and product safety evaluation, among others.

Tencent mobile Internet business group vice president Wu Yu said (loosely translated):

“Tencent joined hands with Wuxi government, set up Tusi Safety Laboratory…and also formed cooperation intention with Intel in blockchain technology area, which made the user's account system get the hardware level security protection. ”

Rick Echevarria, vice president and general manager of platform security at Intel’s Software and Services Group, said (as quoted by ETHNews):

“Intel is committed to providing privacy protection, security and scalable technology, and by working with Tencent on blockchain technology, the prospects will be exciting.”

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