The Chinese telecommunications giant announced its latest blockchain venture Tuesday. The Huawei BaaS (Blockchain-as-a-Service) platform was launched during the company’s analyst conference held on Tuesday in Shenzen.
The Huawei BaaS allows companies and other entities to use a distributed ledger network to create smart contracts. The platform is based on Hyperledger 1.0 and kubernetes. Huawei claims that configuration is uncomplicated, straightforward, and can be deployed in mere minutes.
The new platform is also supposed to lesson development and deployment costs by 80%. It follows a pay-as-you-go model, so clients can save about 60% on usage costs.
The platform can be used for an array of applications including supply chain finance and traceability, digital assets, and crowdfunding notarization.
This is not the company’s first encounter with blockchain technology. It has been involved in Hyperledger since October 2016. Hyperledger is a blockchain consortium – an open source initiative by the Linux Foundation. Its goal is to promote blockchain technology across different industries.
With big names such as Baidu and Tencent having paved the way, Huawei is not the first company in China to launch a blockchain service platforms, and it is likely that more companies will follow.