Huawei announced an update to its blockchain-based cloud service known as Blockchain Service 2.0 or BCS 2.0 at a recent industry summit. It looks like the next platform improvement will be the first major update since 2018.
According to Fangming Hong, president of Huawei Cloud China, Feng Xu, head of Huawei’s Cloud Application Platform Product Line, and other leading Huawei executives, the main goal of the update is to expand the project’s scope for commercial applications.
It is reported that the new and improved platform meets 50,000 transactions per second, or TPS, performance requirements in a commercial environment. By comparison, the Bitcoin blockchain averages around 5 TPS, while Ethereum can process about twice as much. According to the post, the increased processing speed of BCS will expand the networks and help implement blockchain in large commercial environments.
Hong said that Huawei BCS has continuously developed with almost 100 partners across the country (in addition to local government support) since commercial use in 2018. He added:
“The total number of cross-chains, alliance chains and smart actions has exceeded 3000, and the number of blockchain participants is 6000.”
Xu said that so far, Huawei Cloud Blockchain has launched more than 70 projects in seven areas, including finance, logistics, government, manufacturing, healthcare, energy and digital copyright.
An example of a project launched through the platform is the Beijing Handbook Series, which helps city leaders in various local government agencies carry out daily economic and social operations. Shaw explained this:
Since its introduction in October 2019, the Beijing catalog series has completed the amalgamation of 53 committees, offices, 16 provinces and provinces, which can not only help city leaders improve city government, but also support the Internet as a whole. a treatment, achievement “Allow more data” Completed tasks, fewer people complete tasks
Huawei says that in the future, the company hopes to work closely with the high-tech zone in Chengdu to facilitate the development and commercialization of blockchain technology.
The company says it also welcomes more local companies to join the blockchain industry environment and a joint effort to quickly transform Chengdo’s blockchain industry into a national blockchain application model.
As Cointelegraph previously reported, researchers have claimed that the company’s blockchain market will continue to grow to $ 21.07 billion by 2025.