Huawei Announces Its Own Blockchain Service

Blockchain, News

The smartphone development company, Huawei, has announced at the Shenzhen conference that it will be releasing its own blockchain service— also referred to as a BaaS (Blockchain as a Service). This means that Huawei is opening a ledger to the public and allowing businesses to build upon it with smart contracts and take part in its technology.

On their website, they call it their blockchain ledger ‘a high-performance, high-availability, and high-security blockchain technology platform service for enterprises and developers,’ and that it can help developers create projects with ease and cut down costs by allowing them to use their Huawei Cloud. Currently, the Huawei Cloud is mostly used as a way for users to back up their phone data and share documents.

The BaaS platform is designed to be used in the commerce industry, allowing for the creation of tokens and assets that can be used to help businesses grow or possibly with its logistical needs. From their white paper, it becomes clear that Huawei has focused heavily on security and trust. For instance, they seem dedicated to try and solve the Byzantine fault tolerance issue as they recognize just how serious it is.

One of the main inspirations for the BaaS service was IBM’s Hyperledger, which proved to be a huge success. The Hyperledger has Stellar integration, but it is not clear whether Huawei will integrate with an existing coin or whether they will simply create their own.

Huawei is not the first large corporation in China to embrace blockchain technology. Baido also uses blockchain technology, but they use it to deter people from using copyrighted images. This is not the first time Huawei has delved into the world of blockchain –  Project Caliper was proposed not long ago as a means of testing the efficiency and security of blockchains.

Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.

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