Huawei, one of the largest telecommunications company in the world, announce the launch of a platform for company services based on the blockchain technology. The goal of the platform is to develop smart contracts for various uses.
The new platform is called Blockchain Service and it was revealed during the conference of Huawei’s analysts held in Shenzhen two days ago. Blockchain Service is a blockchain-as-a-service (BaaS) platform based on Hyperledger Fabric 1.0, whose first version was launched in July last year. When Hyperledger Fabric 1.0 was launched, Rob Palatnick, the chief technology architect at DTCC, a founding member of the Hyperledger project, said the following: “The Hyperledger Fabric 1.0 release marks a significant milestone in the evolution of enterprise DLT technology, and represents another step forward in making DLT adoption across critical sectors a reality.”
The company says the following about the new platform: “Blockchain Service is a high-performance, high-availability, and high-security blockchain technology platform service for enterprises and developers and can help companies and developers create, deploy and deploy quickly and cost-effectively on Huawei Cloud.”
According to its whitepaper, the company helped with the growth of Hyperledger Fabric and developed and modified a series of functional characteristics such as updates of Chaincode that were recognized and adopted by the community.
The Blockchain Service platform allows the users to create smart contracts focused on the supply chain of the company, financial auditing through tokens and services for verifying identity, among others. Blockchain Service is delivered on Huawei Cloud, which offers a range of cloud computing products and also provides customized industry solutions for enterprises. The services offered on Huawei Cloud are using unique technologies that provide low cost, flexible, efficient and secure solutions for the clients. Blockchain Service can be integrated with existing Huawei Cloud services.
Hyperledger is a global collaborative project through which companies and experts from around the world are trying to facilitate the adoption of the blockchain technology in different sectors. The project gathers leading financial companies, banks, supply chains, tech companies and many others. The group was created in 2015 by the Linux Foundation, with the goal of combining the benefits of the blockchain technology beyond the cryptocurrencies, focusing particularly on its origins in the business world.
Huawei is working with Hyperledger Project since 2016 and showed great interest in the development of applications based on the blockchain technology that are helping to improve the company’s business. Huawei says the blockchain solution still needs to be optimized in order to satisfy the commercial demand.
The Chinese tech giant was recently connected with Sirin Labs, a company that develops open code devices. The goal was to develop a smartphone that could execute applications based on the blockchain technology.
Despite the existing restrictions when it comes to the cryptocurrencies in China, the blockchain technology is still being explored. Other companies, such as Baidu and Tencent launched their own blockchain platforms and an electronic trading platform called JD.com is also having similar plans, according to the announcement published last month.