Tencent Music to release “digital collections” built with non-fungible token (NFT) technology. The Chinese province of Guizhou reveals ambitious plans to turn freed-up crypto mining electricity into EV charging capacity. Tencent granted blockchain patent.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Aug. 4 to Aug. 10.
Tencent makes more NFT and blockchain moves
- Tencent Music announced on Monday that it plans to release “digital collections” on its music streaming service QQ Music starting this month. The company confirmed with Chinese media that the collection will incorporate NFT technology. The collection will include video, audio, digital vinyl, and celebrity merchandise. The announcement came a week after Tencent launched an NFT trading platform called Huanhe. (TechWeb, in Chinese)
- Chinese enterprise information database Tianyancha shows that Tencent has been granted a patent for “processing students’ identity information on blockchain networks.” The company applied for the patent in September 2019. The patent abstract shows that the technology can store users’ school identity information from different periods on a blockchain network and ensure the data is secure and can’t be tampered with. (China Star Market, in Chinese)
Crypto mining business disputes
China-based bitcoin miner manufacturer Ebang International said at a Monday press event that it is in the midst of an approximately RMB 400 million ($61.75 billion) business dispute with Huatie Emergency, a company listed in China. Chinese media previously reported that a Xinjiang-based subsidiary of Huatie had signed a contract to buy cloud computing servers worth roughly RMB 400 million from Ebang in 2018. (China Star Market, in Chinese)
Crypto ban accelerate EV adoption
China’s southwestern Guizhou province announced a recent plan to build 4,500 electric vehicle charging stations in 2021 and 10,000 more in the next two years. The province is using electricity freed up by China’s crackdown on bitcoin and crypto mining. Guizhou aims to install 38,000 EV charging stations by 2023, with at least one in each town. It will reserve 20% of car parking bays at shopping malls for EV charging points. (Cointelegraph)
Louis Hinnant contributed to the reporting.