Recently, in the Huawei Blockchain Industry Development Summit, Huawei announced an update for its blockchain-based cloud service, Blockchain Service 2.0 (BCS 2.0). This is the first major update in two years as on November 15, 2018, HUAWEI launched its Cloud’s Blockchain Service(BCS) for global usage. The latest update, ‘Blockchain Service 2.0,’ aims to scale the project for commercial applications.
Huawei Blockchain Industry Development Summit was successfully held in Chengdu. Along with the President of Huawei Cloud China and other top brass from Huawei’s management team, the meeting was conducted in-depth discussions on the topic of Blockchain.
Xu Feng, President of Huawei Cloud Application Platform Field, believes that Blockchain technology is a new driving force for the digital economy, relying on its trusted mechanism.
Li Ming, director of the Blockchain Research Office of the China Electronics Standardization Institute, pointed out the relationship between Blockchain standardization and new infrastructure. He believes that data is the core component of the digital economy, Blockchain technology is a useful tool to maximize the value of data, and standardization is the foundation of the development of the Blockchain ecosystem.
BCS 2.0 to Meet Performance Requirements
According to the study, the improved platform will meet the performance requirements of 50,000 TPS, which is much higher than Bitcoin and Ethereum, where Blockchain averages around 5 TPS and Ethereum can handle roughly double. In addition, BCS 2.0 extension capacity will reach more than 1,000 nodes, thereby further extending its network scope and meeting the requirements of commercial applications and large-scale Blockchain networking.
In order to provide high-performance, high-availability, high-security Blockchain services, Huawei Blockchain Cloud will rely on various futuristic technologies like AI, 5G, etc. to continue to deepen the Blockchain field. Furthermore, Blockchain Service 2.0 will accelerate the digital transformation of all walks of life.
Huawei’s BCS Continuous Development to Date
Soon after Huawei Cloud officially launched its Blockchain Service (BCS) for global use on November 15, 201, BCS has helped global enterprises and developers create, deploy, and manage Blockchain applications speedily and at minimal cost on Huawei Cloud.
Hong mentioned since it was put into commercial use in 2018, Huawei’s BCS has experienced continuous growth in partnership with nearly 100 partners nationwide. In his words,
“The cumulative number of joint chain, alliance chain, and intelligent activity has exceeded 3000, and the number of Blockchain participants has exceeded 6000.”
He also mentioned that Huawei Cloud Blockchain had launched Huawei Cloud Blockchain has launched over 70 projects in seven sectors including logistics, banking, government, medical care, energy, manufacturing, and digital copyright.
Talking about one of the successful projects launched via Huawei Cloud Blockchain is the Beijing Directory Chain, which has completed the link-up of 53 committees, offices, and 16 districts and counties, that helps city managers optimize the urban management level and strongly support the online all in one process.
The report claimed that the Huawei Blockchain Cloud is ready to invite more local businesses to enter the Blockchain industry and make joint efforts to rapidly develop Chengdu’s Blockchain industry into a national Blockchain application model.