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.
Event: Check Out Traders Fair Philippines this April 21, 2018:
- MasterCard Files Blockchain-Related Patent for Verifying Identity
- Samsung Eyeing the Blockchain for its Global Supply Chain
- Union Bank on Helping Rural Banks Through the Blockchain
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