Huawei to Launch Blockchain Service

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Telecom and smartphone giant Huawei is set to launch a blockchain-as-a-service (BaaS) platform.

The service allows firms to create smart contracts on top of a ledger network based on Hyperledger Fabric technology. Hyperledger Fabric is an open-source software intended for enterprise application.

According to Huawei, its blockchain service can help save up to 80% of development costs and 60% reduction in usage costs.

Based on its website, the BaaS platform can be applied to the following scenarios:

  • Supply Chain Finance
    • Shared account books
  • Supply Chain Traceability
    • Contracts and receipts that cannot be tampered
  • Digital Assets
    • Asset ownership verification
    • Asset registration
    • Asset rights and time tracking
  • Crowdfunding Notarization
    • Efficiency in sharing of information through smart contracts
    • Promote fund circulation and control where the capital is flowing
    • Improve public credibility as the public who invested will know exactly where the investments are going to.

With this move, Huawei joins Chinese giants – Baidu and Tencent in moving to the blockchain.

Source: Coindesk, Huawei (Chinese)

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