Chinese Government Partners with Huawei to Strengthen Blockc...
Cryptocurrency, News

Chinese Government Partners with Huawei to Strengthen Blockchain Adoption

The government of the Nanshan District of Shenzhen, China has partnered with telecommunications giant, Huawei to boost the adoption of blockchain and other cutting edge technologies such as big data and 5G. 

According to the report on April 13 by Global Times, both parties have partnered to build an industry demonstration zone. This is an attempt to transform the Shenzhen city into a model chipsets production base. 

Through this partnership, both parties will explore Fintech solutions and drive the development of key financial scenario applications such as banks and insurance, based on Huawei Kunpeng structure.

The Shenzhen city, which serves as a link between Hong Kong and China, is considered as the commercial connection point between the two nations. Therefore, this announcement of strengthening it as a blockchain-friendly city, realizes the importance it has for the government in the development of such technology.

The construction of this industrial zone is crucial for the local government in driving its industrial development. In September 2019, the Shenzhen government signed an agreement with Huawei, to transform the city into a demonstration area for China’s server chip industry.

Commenting on this partnership, Wang Qiang, secretary of the Nanshan District committee said the agreement is crucial for the economic growth of the Nanshan, which is considered as an innovative technology district. He added that Huawei is expected to play to its global industry and tech advantage to build a national Kunpeng industrial and ecological chain. 

According to the president of Huawei’s intelligent computing business unit, Ma Haixu, the company focuses on computing architecture innovation and builds core competitiveness of the computing industry on Kunpeng processes. Ma added that, the company will accelerate new-generation IT development in Shenzhen and help it develop into a key financial eco-base that will also become a national benchmark.  

After launching its Hyperledger-based blockchain-as-a-service platform in 2018, Huawei has been developing measures to strengthen blockchain adoption in the country. Last year, the People’s Bank of China (PBoC) signed a strategic corporation agreement with the company to start testing its own digital currency in Shenzhen. 

Featured Image Courtesy of Getty Images

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Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.