Huawei Launches Blockchain-Based Cloud Service

Blockchain technology features a ledger that has found multiple use cases across several industries. However, Huawei wants to push the envelope a little further in how far this reach can go. According to reports from The Next Web, the company took the opportunity at the 2019 “Cloud Summit” to reveal their new blockchain-based cloud service.

These services will help local businesses in Hong Kong to use the numerous benefits that blockchain provides, like decentralization, transparency, and immutability. The goal of the Huawei Cloud is that Hong Kong will slowly evolve into an international logistics and financial hub.

While the company promoted the new Huawei Cloud service at the event, extraordinarily little information was provided. Considering the wording involved, it looks like the service will primarily be for corporate clients that require a privatized, permissioned ledger.

Last year, Huawei joined a group of founding telecom members to investigate the full potential that blockchain technology has to offer, along with its long-term viability. The research covered multiple industries to see the extent to which blockchain technology could be used.

Over the last few years, as blockchain technology has thrived, there has been more and more corporations seeking to implement it in their systems. Microsoft, Amazon, IBM, and Intel are just of the few most common companies that have started exploring the use of blockchain technology. Even though the key features of the fintech include transparency, decentralization, and immutability, each platform uses it for a different purpose, so their benefits can also vary.

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