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)

Event: Check Out Traders Fair Philippines this April 21, 2018:

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A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]