Huawei announced an update to its blockchain-based cloud service known as Blockchain Service 2.0 or BCS 2.0. during a recent industry summit. It looks like the next platform upgrade will serve as the first major update since 2018.
According to Fangming Hong, President of Huawei Cloud China, Feng Xu, President of Huawei’s Cloud Application Platform Product Line, and other senior members of Huawei’s management team The main goal of this update is to expand the project for commercial applications.
The new and improved platform is designed to meet the performance requirements of 50,000 transactions per second (TPS) for a commercial environment. For comparison: Bitcoin’s blockchain averages 5 TPS, while Ethereum can process roughly twice as much. According to the statement, the increased processing speed of BCS will further increase the network range. and helps in applying blockchain technology in large business environments.
According to Hong, Huawei’s BCS has been continuously developed (and supported by local governments) in collaboration with nearly 100 partners across the country. since it was used commercially in 2018. He added:
“The cumulative number of shared chain, alliance chain and smart activities has exceeded 3,000, and the number of participants in the blockchain has exceeded 6,000.”
Xu stated that to this day, Huawei Cloud Blockchain launched more than 70 projects in seven areas including finance, logistics, government affairs, manufacturing, medical treatment, energy and digital copyright.
An example of a project started through the platform is that Beijing Directory Chain, which assists local administrators of various local government agencies in their daily economic and social operations. Xu explained that:
“Since its launch in October 2019, the Beijing directory chain has completed linking 53 committees, offices, and 16 counties, which can not only help city administrators optimize the local government level, but also the all-in-one – Strongly support online processing and recognize that we have more data running errands, fewer people running errands. “
Huawei says that in the future The company hopes to work more closely with Chengdu High-Tech Zone to jointly promote the development and commercial application of blockchain technology.
The company also welcomes more local businesses looking to join the company’s blockchain ecosystem. and make joint efforts to quickly make the Chengdu blockchain industry a national model for blockchain application.
As Cointelegraph reported before, The researchers claimed that the corporate blockchain market will continue to grow to $ 21.07 billion in 2025.