Huawei might be familiar as the name of the massive telecommunications company based in China, but today the multinational networking goliath has its sights set on making its name in the cryptoworld as it looks to launch into blockchain technology.
The company recently announced the intention to launch its new blockchain-as-a-platform (BaaS) platform. Under the name Blockchain Service, the platform promises that it “can help companies and developers create, deploy and deploy quickly and cost-effectively on Huawei Cloud”.
According to a Huawei engineer, Hu Ruifeng – who has co-written the project’s white paper – the new BaaS system is based on Hyperledger Fabric 1.0, which was first released in July 2017 and was notable in its breakthrough application as an open-sourced software system.
The platform is the latest technological advances we have seen from Huawei in its efforts to access the world of blockchain technology. The development comes after recent attempts by Hu and Zhou Haojun, a Huawei engineer, to develop software – dubbed Project Caliper – which will enable the testing of major blockchain performances.
Included in the platform’s functional description is “one-click rapid deployment”, which hopes to reduce deployment time “from days to minutes”, “node elasticity” which offers support of “peer and order node elastic scaling” and the smooth management of the chain code’s lifecycle under “visual chain code management”. It also boasts the opportunity for Huawei cloud members to form a coalition and run individual nodes on independent virtual private clouds with active, real-time cloud monitoring.
The BaaS platform currently supports users in helping them create smart contract applications, which can target supply chain and coin securities assets, according to the company’s white paper. It also focuses on public services such as the verification of client identity and financial audits.
This is following the lead of JD.com, Baidu, and Tencent – three internet mega-companies who launched their own blockchain service platforms recently. If the cards fall right for Huawei, the tech company might be able to hold its own in the newly established competition of BaaS platforms.