Huawei Rolls Out Blockchain-Powered Cloud Solution
The new DLT service targets various markets, including crypto asset exchanges, supply chain, and trade finance.
Chinese communication equipment manufacturer Huawei has become the latest tech giant to bet on a distributed ledger technology (DLT)-based cloud product as a means of widening its customer base. Called Blockchain Service (BCS), Huawei’s cloud offering has been operational for international players since mid-November, nearly a month after it was commercially launched in the company’s domestic market, according to apress release.
BCS enables clients to develop, deploy, or manage DLT-powered applications, lowering operational costs and enhancing security and time efficiency, Huawei said on Thursday. The service targets various sectors, from trade finance and crypto asset exchanges to real estate and food supply. It implements multiple consensus algorithms (5,000+ TPS).
BCS has four main sub-systems: chain finance, supply chain tracing, digital assets, and notarization for crowdfunding. The crypto asset solutions allow BCS clients to create and manage applications for an exchange of cryptos, including newly issued coins.
Huawei has been part of the Hyperledger consortium since 2016, and BCS complies with Linux-led blockchain platform Hyperledger Fabric 1.1.
“Blockchain features decentralization, tamper resistance, and traceability, and builds trust between transaction participants. As such, blockchain generates value when used in enterprise applications in specific industry scenarios. The scenarios [BCS] can be used in cover data transactions, identity authentication, proof of information (such as real estate and education), remote healthcare, food source tracing, the Internet of Vehicles (IoV), and IoT device management,” the press release said.
Huawei unveiled its BCS strategy and white paper in April this year. The Chinese group has several main competitors in the blockchain-as-a service (BaaS) cloud market. Last week, Amazon’s AWS launched two DLT offerings, and China’s Alibaba and US-based Oracle have similar products.
According to Synergy Research Group data for the second quarter of 2018, the $16 billion cloud services market was dominated by AWS, followed by Microsoft, Google, and Alibaba.