Huawei Reiterates Support for Blockchain Tech, Reveals More Plans
Chinese tech giant, Huawei, has restated its interest in blockchain technology, and has said it is working actively to find more use cases for blockchain in the future.
Blockchain is a Vital Tool for the Future
Speaking at a Q&A session in Beijing a week ago, Jason Cao, leader of the global financial services business unit at Huawei Enterprise Business Group, revived talks of the company’s interests in blockchain.
"Blockchain is a vital innovation for the future,” Cao fondly said, “and we have invested heavily in its research and development."
Cao also revealed Huawei has been unrelenting in finding unparalleled use cases for the blockchain technology and has recorded a series of successful implementations both in government and financial services.
Huawei’s History with Blockchain
Huawei is no stranger to blockchain technology. The Chinese giant remains one of blockchain’s early proponents and drivers, and presented itself as a major fan even when blockchain tech was only still nascent and raising eyebrows for its affiliation with the less-accepted Bitcoin.
Since publishing the "Huawei Blockchain Whitepaper" in 2018, and introducing its blockchain service (BCS), Huawei has come a long way in its knowledge and implementation of the distributed ledger technology.
Last year, the company announced it was setting up a blockchain-based platform for the Beijing government to better track and manage citizens’ data. Huawei has since fostered more blockchain-related products in China since then. As a result of the attention blockchain was garnering in 2019, President Xi Jinping declared blockchain “a breakthrough” and encouraged more government-led research into the technology.
Huawei Plans More Breakthroughs with Blockchain
The tech giant has experienced strategic stifling and political resistance from the western world in the past, while having its share of controversies. Despite all these, Huawei is deliberate about being at the forefront of blockchain research and development.
“We have applied blockchain technology to government services, financial services, and taxation,” Cao revealed. “We have also created apps based on blockchain for our own in-house teams to utilize.”
Amongst many blockchain-related innovations launched between 2019 and now – Huawei’s most recent product which utilizes blockchain to facilitate seamless data management between government departments. Huawei is the poster child for blockchain in China just as well as it is its biggest proponent for techno-nationalism.
Cao has revealed Huawei has yet another blockchain product on the cards following its latest “government-oriented” product, as they hope to solve trust issues between “upstream and downstream” partners in the supply management system.
“The problem is if one of our channel partners needs capital and they cannot prove to banks they are creditworthy,” Cao said during the press conference last week, “we can connect the channel partners and banks in a blockchain so that the banks can see this channel partner. . . and trust it and provide loans to it. In this way, they can meet their financial needs.”
Cao is convinced blockchain is “general-purpose” and has predicted the technology to find use cases in several unpredictable areas in the future.