A patent for a blockchain storage registered by Huawei supports China’s blockchain tech explosion

Earlier this year, Huawei registered a patent for a “blockchain ledger storage and device” on the Tianyancha database. At the time of filing the patent, the application announcement was scheduled for mid July.

This is not the first time Huawei has ventured into the blockchain industry. The database also shows that Huawei has several other blockchain patents relating to data archiving and methods for settling payments.

In 2018, Huawei also established its Blockchain Service (BCS). In its public release, Huawei stated the purpose of BCS is to “help global enterprises and developers create, deploy, and manage blockchain applications quickly and at minimal cost on HUAWEI CLOUD”.

Recently, Huawei cooperated with Nanshan District, Shenzhen, to create the Kunpeng industrial and ecological chain to boost blockchain integration, AI and 5G.

Currently, the plans from the People’s Bank of China (PBC) for the “Digital Yuan” are still in development. Huawei signed a “strategic cooperation agreement”, with the details of the company’s role yet to be revealed.

According to btcmanager, Huawei is also part of 71 companies in the “National Blockchain and Distributed Accounting Technology Standardisation Technical Committee” led by China’s Ministry of Industry and Information Technology.

China is racing ahead with blockchain development and adoption. These efforts appear to have tangible results, with blockchain-based platforms being used at every level of Chinese society.

The different projects across China include the introduction of AntChain and its blockchain workstation. The concept bears close resemblance to Huawei BCS. AntChain workstation reportedly could assist a firm in setting up a blockchain system in only 20 minutes, decreasing deployment time by as much as 30%.

In the past month, Ant Group also took part in the E-seal initiative with its blockchain, with the goal to reduce paperwork and time, and to provide additional security to prevent tampering.

Beijing also released a city-wide initiative for blockchain adoption through a 145-page document. It plans to rework communication between firms and federal agencies with blockchain. Beijing is also spearheading change with 140 government services already using blockchain.

Overall, with the government’s willingness to adopt the technology, it is very clear that blockchain is one of China’s main priorities for the upcoming decade.

The post Huawei patents blockchain storage system — so more could be on the way appeared first on Coin Journal.

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