Huawei has entered strategic cooperation with the People’s Bank of China (PBoC) which is the central bank of the country.
In a recent development, Huawei, the Chinese-owned telecommunications giant, has worked out an agreement with the People’s Bank of China’s Digital Currency Research Unit. This was made known on Nov. 4 via an announcement on the company’s WeChat channel.
The announcement didn’t offer any additional information concerning the agreement, neither did it suggest any joint research on digital currencies or blockchain technology.
Huawei Fully Invested in Blockchain
For the past few years, Huawei has been a familiar sight in the field of blockchain, actively developing its capabilities in the sector. The company launched a product in April 2018 called Blockchain Service, a platform powered by Hyperledger. This release came a month after the unveiling of Caliper, a joint project of Huawei and Hyperledger.
As at June, the company had plans to introduce its product, blockchain services, to the Latin American market. In fact, one of Huawei executives who chose to be anonymous disclosed that the company has plans to make its blockchain-related products and services accessible to the Latin American populace sooner than later.
China Focuses Resources on Blockchain Pursuit
The Chinese government’s aim to become the global leader in the blockchain sector has not been left to chance. The country’s leadership has been engaging in aggressive blockchain development and innovation over the last few years.
These relentless efforts can be seen in the creation of the Digital Currency Institute by China’s central bank in June 2017, a move planned to fuel concentration on the blockchain technology and fintech.
Today, China is at the top of the food chain with regards to blockchain technology, only being rivaled by the United States. A situation China’s President Xi Jinping, wants to be remedied, hence a personal encouragement from him to his countrymen to speed up the adoption of blockchain technology. In his words:
“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”
Huawei Talks Big on 5G
A top executive at Huawei made a call during a speech to other companies for a partnership with the Chinese tech giant towards the development of 5G technology applications. A decision which he promises to be highly rewarding for all involved.
At the Web Summit tech conference which was held in Lisbon, Portugal, Guo Ping, Huawei Rotating Chairman stated during his keynote address that the company is committed to the 5G revolution and is working towards becoming a global leader in the technology.