In a recent episode of Cointelegraph’s podcast, “Hashing It Out,” Howie Jiang, the Web3 chief solution architect at Tencent Cloud Europe, and Fakhul Miah from Elastos discussed the potential benefits of cloud technology for the crypto industry. They also announced a partnership between Tencent Cloud and Elastos to accelerate the development of the Web3 space.
Tencent Cloud, a prominent global cloud vendor, has been actively exploring opportunities in the Web3 field. With operations in 27 regions and involvement in various Web3 projects, Tencent Cloud has gained valuable experience in this space. Jiang emphasized the company’s interest in expanding overseas, especially after its successful ventures with non-fungible tokens (NFTs) and other blockchain products in China.
Elastos, on the other hand, has been focused on building what it describes as “the next phase of the internet” for the past five years. Miah highlighted Elastos’ commitment to digital sovereignty for individuals, setting it apart from other projects in the Web3 space.
One specific area where Elastos aims to improve the internet is in identity verification. Miah explained that a sustainable way to verify users’ identities online is through a decentralized identifier and a verifiable credential. By giving users full control over their credentials, they can independently choose a Know Your Customer (KYC) provider that suits their preferences. After completing the verification process, the KYC provider issues the user a credential, which can then be submitted to online applications whenever required.
The partnership between Tencent Cloud and Elastos harnesses the power of cloud software to enhance Web3 solutions for common internet issues like identity verification. The podcast episode delved into the necessary steps for global adoption of Web3 and explored how regulatory frameworks will impact the industry in the coming months.
To learn more about this topic, you can listen to the latest episode of “Hashing It Out” on platforms such as Spotify, Apple Podcasts, Google Podcasts, or TuneIn. Additionally, Cointelegraph offers a catalog of informative podcasts on its website.
It is important to note that the information provided in this article is for general purposes only and should not be considered legal or investment advice. The views expressed are solely the author’s and do not necessarily reflect the opinions of Cointelegraph.
