Huawei — a Chinese technology giant that produces smartphones and telecom infrastructure — is launching its own blockchain services.
What Happened: According to a Monday Forkast report, the President of the Global Financial Services Business Unit of Huawei Enterprise Business Group, Jason Cao unveiled that the company has invested in blockchain services.
He said that “blockchain is a very important technology for the future,” and the company is heavily researching the potential of the technology and already applied it in multiple directions.
“We have applied blockchain technology to government services, financial services, and taxation. […] We have also created apps based on blockchain for our own in-house teams to utilize,” Cao added.
Last month, Huawei released its “government cloud big data solution 3.0.”
Speaking at the China International Big Data Industry Expo, the company’s Director of Urban Digitalization Product Management Zhao Xiaoliang explained that this product leverages blockchain to share data between different government agencies safely..
Huawei is also testing a system that manages the financial aspects of its supply chain finance with an in-house designed blockchain platform to ensure trust between upstream and downstream partners.
“The problem is if one of our channel partners needs capital and they cannot prove to banks they are creditworthy. […] In such cases, we connect the channel partners and banks in a blockchain so that the banks can see this channel partner is about to receive revenue from its lower-level agency or distributor so that the banks can trust it and provide loans to it. In this way, they can meet their financial needs,” Cao explained.
According to an announcement shared with Benzinga, Huawei also added Maiar, the blockchain social payments application powered by Elrond (CRYPTO: EGLD).
The announcement states that “any Maiar user has their own private Swiss bank in their pockets.”