Chinese telecom giant Huawei has launched a blockchain-based cloud Service program, at the recently concluded Cloud Summit 2019 conference in Hong Kong. The service is named as Huawei Cloud and is designed to help businesses in Hong Kong reap benefits of blockchain technology’s marquee features like decentralization, immutability, and traceability.
Blockchain technology has been booming across the globe, with countries making the best efforts to become blockchain powerhouses. What started as a platform for cryptocurrencies, has now become one of the most popular technologies in recent times. The last decade blockchain has moved from being cryptocurrency base to becoming a sought after technology for most sectors.
In fact, the year 2018 has been one of the best years in terms of development for blockchain, though cryptocurrencies kept bleeding for the most part of it. The UN World Intellectual Property Organisation (WIPO) data indicates that blockchain-based patent filings almost doubled in 2018. China filed the most number of blockchain-based patents with as many as 930 filings, closely followed by the US, which has filed about 860 of such patents.
Behemoth corporations like IBM, Facebook, Apple, Microsoft, JPMorgan, HSBC and several others have all jump into the blockchain game. This has led to tremendous capital infusion in the blockchain space, which has enabled extensive research and development on the platform. Researchers across the globe have found that blockchain has more potential than anyone could have imagined. Even Satoshi Nakamoto, who said to be The pioneer of blockchain and cryptocurrencies, wouldn’t have imagined that his brainchild will become one of the greatest technological creations of the 21st century.
The past few months reports have been surfacing continuously stating that blockchain is being implemented across various sectors like medical, pharmacy, banking and finance, agriculture, and even publishing. Blockchain has tremendous potential to tackle growing data management problems by providing cost-effective solutions that take a considerably lesser amount of time.
In the fall of 2018, Huawei became one of the founding telecom members of an industry-specific group, created to explore the viability and potential of blockchain technologies for various industries. The telecom stalwart expects the platform to help towards the country’s mission to become an international financial and logistics hub. Though details of the new platform have not been disclosed, it is safe to assume that Huawei Cloud will be a form of privatized, permissioned ledger designed for corporate clients.
China lost its place as the world’s fastest-growing economy to regional rival India. The third quarter of 2018 shows the country’s growth declined to a 28-year low at 6.5%. Primary reason for the slowing growth rate is the country’s prolonged trade war with the United States, which has severely affected the business of both countries. This has forced China to find new year ways to optimize growth and end its dependence on the US.
Huawei is currently the world’s second-largest smartphone manufacturer, a position it took over from Apple in 2018. The cloud-based service bred on the back of blockchain tech will help the company to its cloud service for smartphones.
Recently, blockchain has been adopted by global Payment services company VISA Inc., to create cryptocurrency payment solutions. The technology is now being adopted in population-centric sectors like agriculture and medical facilities too. This shows the potential of blockchain technology and the various ways through which it can improve lives.
Huawei, due to its large-scale operations and availability of funds, it is the aptest technology company for the platform. Even with such tremendous success within a short span of time, experts are pretty sure that the technology has far from being at optimum potential. Hence, the platform requires research and development, which Huawei can comfortably do.