Chinese telecommunication giant, Huawei is going bullish on blockchain technology research and development and building blockchain-based services for government and enterprise following China’s five-year plan that mentions blockchain as the next-wave technology.
Huawei adopted blockchain development activity in early 2018 and the company published its first white paper Huawei Blockchain Whitepaper to introduce an enterprise blockchain cloud service called Blockchain Service (BCS) that combines the blockchain platform with Huawei’s hardware to provide a faster and safer end-to-end blockchain solution.
We have applied blockchain technology to government services, financial services, and taxation. We have also created apps based on blockchain for our own in-house teams to utilize.Jason Cao, president of the global financial services business unit of Huawei Enterprise Business Group
Huawei’s president of the global financial services business unit of Huawei Enterprise Business Group, Jason Cao, believes that blockchain is a very important technology for the future. The company has invested heavily in the R&D of Blockchain technology.
Last week, during the China International Big Data Industry Expo, Huawei released its latest product “government cloud big data solution 3.0” which uses blockchain technology to facilitate safe and reliable circulation of data between different government departments.
The problem is if one of our channel partners needs capital and they cannot prove to banks they are creditworthy. In such cases, we connect the channel partners and banks in a blockchain so that the banks can see this channel partner is about to receive revenue from its lower-level agency or distributor so that the banks can trust it and provide loans to it. In this way, they can meet their financial needs.Jason Cao, president of the global financial services business unit of Huawei Enterprise Business Group
China is investing heavily in blockchain technology to lead the next wave of digital transformation in the country. President Xi Jinping praised blockchain as a breakthrough technology and urged a national strategy to foster more research, development, and investments during his senior leadership meeting in October 2019.
Jason Cao, president of the global financial services business unit of Huawei Enterprise Business Group, believes that blockchain is the future of technology and will become a general-purpose technology that will have applications in multiple domains and not just finance.