Huawei Reportedly Developing Blockchain with Chinese Government

Asia Blockchain Review
November 18, 2019

A source in the blockchain industry has hinted that multinational tech behemoth Huawei may be developing blockchain technology in cooperation with the Chinese government.

Seeking Applications for Blockchain Technology

According to Ethereum World News, a Twitter user by the name of Alice Crypto revealed that Huawei may be collaborating with Chinese agencies to develop blockchain applications. The tweet was then shared by BoxMining, a well-recognized cryptocurrency content creator who also speculated that a Huawei blockchain wallet might also be one of its ongoing projects.

In the tweet, Alice Crypto referred to an announcement made by a representative from Huawei during an event in which the representative said the company is cooperating with “government institutions of Beijing” on a blockchain application. 

Originally released in Chinese, the translated version of the statement revealed that the blockchain project is aimed at enabling agencies in Beijing to share information between each other in the areas of taxation, medical insurance and other aspects relating to the local administration.

The blockchain system may also be used to help local administrations in different regions share information, with the aim of enhancing the efficiency of law enforcement and facilitating logistical issues.

Will Quantum Computers Kill Blockchain?

Experts are questioning the efficiency of blockchain technology as well as decentralized ledger technology, as Huawei chief executive Ren Zhengfei has stated that “Quantum computers will kill cryptocurrencies”.

According to a 39-second clip shared by Chinese cryptocurrency venture capitalist Dovey Wan, Zhengfei has announced that quantum computing will make blockchain technology and cryptocurrencies “worthless”.

Thus, it remains to be seen whether the quantum computer can change the world, and if blockchain technology will remain efficient.

Source: https://en.ethereumworldnews.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Aircraft Parts Maker Moog Inc Adopts Blockchain for Digital Models
Aircraft parts maker Moog Inc. has been running a trial that combines blockchain technology with 3D ...

December 6, 2019

BNY Mellon is Newest Member of Marco Polo Blockchain Network
The Bank of New York Mellon (BNY Mellon) has joined the Marco Polo blockchain trade finance network ...

December 6, 2019

Central Bank of France: Blockchain Can Answer Market Demands
The first deputy governor of the Central Bank of France says that blockchain can be implemented to c...

December 5, 2019

Red Cross Developing Blockchain-Based Currency for Aid Distribution
Three national units of the Red Cross plan to use blockchain-based currencies instead of cash and vo...

December 5, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us