Huawei Plans to Enter Into Blockchain Industry

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Having established itself as one of the leading technology giants in the global sphere, Huawei is all set to explore the unprecedented mechanisms of blockchain technology.

According to a report published by China-based blockchain firm, Alice Crypto which was later shared by highly reputed digital currency content creators, BoxMining, Huawei is likely to join the league of other tech firms and come up with a digital wallet platform in the future.

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During an event, a representative of Huawei revealed that the company is working in collaboration with the “government institutions of Beijing” to launch a blockchain application. The translated version of the announcement affirmed that the new blockchain-oriented application would be focused on data sharing between the official bureaus of medical insurance, taxation, and other institutions of the local government of Beijing. Also, the project aims to leverage data transfer between different regions in China with an intention to enhance the logistical initiatives and law enforcement.

The upcoming blockchain project will announce the entry of one of China’s biggest and immensely popular companies into the decentralized arena. Its partnership with the local government is likely to add a boost to the firm’s worthiness in a big way. However, this news garnered a lot of attention from the financial space as the news made rounds, specifically after the strange remarks of Huawei’s CEO, Ren Zhengfei. The spearhead, some time back, claimed that quantum computers would hit hard the crypto niche. He showed a skeptic view regarding Bitcoin, virtual currencies, and DLT in a general aspect.

As per a report, Ren addressed the crypto field as “worthless” in regard to quantum computing. He added that quantum computing has the potential to wither away the future of digital currencies. This unfavorable response of Ren towards cryptocurrencies is indeed something that needs to be pondered upon.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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