Huawei announced an update for Blockchain Service 2.0 (BCS 2.0), its blockchain-based cloud service, during a recent industry summit. It appears that the platform’s upcoming enhancement will serve as its first major update since 2018.
It has been reported that according to Fangming Hong, the President of Huawei Cloud China, Feng Xu, the President of Huawei cloud application platform product line, and other top brass from Huawei’s management team, the upgrade’s main goal is to scale the project for commercial applications.
However, the new and improved platform will meet the performance requirements of 50000 transactions per second (TPS) within a commercial environment. For comparison, the Bitcoin blockchain averages around 5 TPS, while Ethereum can handle roughly double that.
According to the report, BCS’s increased processing speed will further expand its networking scope and help to apply blockchain in large commercial settings.
Huawei tapps into the enterprise blockchain sector in a bid to scale commercial applications https://t.co/a7VUnwoWT4 — Cointelegraph (@Cointelegraph) September 17, 2020
Hong said that Huawei’s BCS has experienced continuous development in collaboration with nearly 100 partners nationwide as well as the support of local governments since it was put into commercial use in 2018.
He added:
“The cumulative number of joint chain, alliance chain and intelligent activity has exceeded 3000, and the number of blockchain participants has exceeded 6000.”
Likewise, Xu stated that to date, the Huawei Cloud Blockchain has launched more than 70 projects in seven fields, including finance, logistics, government affairs, manufacturing, medical treatment, energy, and digital copyright.
Also, one example of a project launched via the platform is the “Beijing Directory Chain,” which helps city managers at various local government offices with daily economic and social operations.
Xu explained:
“Since its application in October 2019, the Beijing directory chain has completed the link up of 53 committees, offices and 16 districts and counties, which can not only help city managers to optimize the urban management level, but also strongly support the online all in one processing, realizing the “let more data run errands, the people less running errands”
Huawei said that in the future, the company hopes to carry out closer cooperation with the Chengdu high tech Zone to jointly promote the development and commercial application of blockchain technology.
Thus, the company said that it also welcomes more local enterprises to join the blockchain industry ecology and make joint efforts to quickly build Chengdu’s blockchain industry into a national model for blockchain application.
Source: Cointelegraph | Image: CNBC