Posted 7 months ago | by Ben Armstrong
Huawei Upgrades its Blockchain Service – Faces Global Trade Issues
Chinese phone maker Huawei released a new update called BCS 2.0 (Blockchain Service), which was initiated in 2018. This is the first major upgrade since its launch and it aims to boost the company’s commercial footprint.
According to media, the new BCS 2.0 is able to speed up transactions at 50,000 TPS (transactions per second). Bitcoin can process 5 TPS and Ethereum is about 10 TPS. Increasing the speed of processing may be appealing to some devs – but the lack of a decentralized network that is free from the CCP won't help the company outside of China.
Huawei Cloud China President Fangming Hong claims that BCS 2.0 will continue to be attractive. Since 2018, the number of domestic partners and local government agencies that use the system reached 100, and the number of participants joining BCS has risen past 6,000.
Huawei is an Outgrowth of the CCP
So far, the blockchain platform has been involved with more than 70 projects in different industries, according to Feng Xu, Huawei Cloud application and product’s President.
At the moment, the platform’s deployment focuses on seven core sectors, which are finance, governance, manufacturing, medical and healthcare, logistics, energy and digital copyright law.
After about a year of development, the Beijing Directory Chain initiative has successfully established linkage among over 50 committee offices in 16 different districts.
Thanks to that, city managers are able to monitor the entire city’ economic and social structure – which opens up many questions about privacy – especially outside of China – where this kind of data collection is likely illegal.
A Dead-End Business Model
There is a massive demand for Huawei devices that carry the high performance Kirin chip – as they are likely to be unavailable soon due to a US-led embargo on Chinese companies.
Unfortunately for Chinese companies, the nation was never allowed access to top-tier chip making equipment, and the nation has not been able to create their own competing equipment. This is normal in China, where most of the technology was stolen from other nations.
In fact, Chinese diplomatic missions have been shuttered across the USA – as the US government cited ongoing risks to global businesses that rely on patent law to remain profitable. Chinese companies work with the CCP to gain access to this information, and then use it to undermine other nations.
The CCP was allowed to participate in the global economy – but that era is drawing to an end. The next phase of this conflict may be a hot war that sees Chinese cities plunged into an atomic holocaust – which makes Huawei, or any other consumer-focused business, a wasted effort.
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