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Huawei’s CEO Responds to Facebook: China Can Issue Its Own Libra

Ren Zhengfei, CEO of China’s Huawei believes that China can create their own digital currency in response to Facebook’s Libra.

In an interview with the Italian media, in response to a question, Ren Zhengfei responded with “China can also issue such currency by itself. Why wait for others to issue it?”

Reported earlier this month, China’s central bank, the People’s Bank of China believes that Facebook’s Libra could be a sign of a threat to China’s economy. China could be in a major disadvantage if Libra were to be pegged to the U.S dollar.

The director of the People’s Bank of China research bureau, Wang Xin stated that the bank has decided to create its own digital currency due to the lack of clarity of the U.S dollar once Libra is issued. He also stated that there could be economic, financial and political consequences.

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Huawei Secures Deal with One of China's Districts to Accelerate the Application of Blockchain Technology

The Nanshan government of Shenzhen, in the southern Guangdong province in China, has recently announced an agreement with electronics giant Huawei Technologies to establish an information technology center, accelerating the application of technologies including blockchain, artificial intelligence in the district.

With joint efforts between the Nanshan government and Huawei will explore FinTech solutions and development to speed up the application of disruptive technologies. Financial applications including banks, insurance, securities, and third-party payments will also be explored based on Huawei’s Kunpeng structure.

Huawei will be able to use its global industry and technology advancements to remove development barriers, gathering industries and attracting talent to build a Kunpeng industrial and ecological chain. The Kunpeng ecosystem will allow for open-source hardware and software, which is responsible for providing strong security for the digital economy, and both parties aim to construct a key financial platform to become a national benchmark.

According to Wang Qiang, the secretary of the Nanshan District Party Committee, the partnership is essential for the economic growth of the district, as an innovative technology area in China.

Huawei secures partnership for FinTech research to support China’s CBDC

China’s central bank, the People’s Bank of China (PBoC) signed an agreement with multinational telecommunications giant Huawei in November 2019. The FinTech research cooperation agreement was signed between Huawei and the PBoC’s Digital Currency Research Institute in Shenzhen at Huawei’s headquarters.

Huawei has been quite active in the blockchain space, having revealed its Hyperledger blockchain offering in April 2019. This announcement marked the first publicly announced deal by the Chinese central bank with a tech giant.

The Central Committee of the Communist Party of China previously announced that the Shenzhen special economic zone would be supporting the research and promotion of digital currencies.

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Tencent, Huawei, and Baidu Executives to Join China’s New National Blockchain Committee to Set Industrial Standards

The Chinese central government has put together a national blockchain committee to work on setting industrial standards. The Ministry of Industry and Information Technology (MIIT) issued a notice on April 13 of the “Public Notice on the Formation of a National Blockchain and Distributed Ledger Technology Standardization Technical Committee.”

The committee would be made up of 71 individuals from different backgrounds, including political, industrial, academic, and research organizations. The committee will be chaired by MIIT deputy minister Chen Zhaoxiong, along with five vice-chairs, all of whom are government staff, including Di Gang, the vice-head of the Chinese central bank digital currency institute.

Other committee members include executives from well-known Chinese institutions, including Baidu, Tencent, Huawei, Peking University, Tsinghua University, Fudan University, amongst others. The ministry is also asking for public feedback on the committee members until the deadline of May 12, 2020.

China’s take on blockchain

Chinese President Xi Jinping announced in October 2019 that its nation should accelerate the development of blockchain technology. He highlighted that the application of blockchain technology has extended to digital finance, the internet of things, supply chain, and digital asset trading, amongst other areas. The president stressed that it is necessary to strengthen fundamental research of blockchain technology to enhance original innovation ability, for the nation to take a leading position in the blockchain industry.

China has also been researching the application of blockchain and artificial intelligence in cross-border financing, as the deputy head of the State Administration of Foreign Exchange in China announced that there are plans to use these technologies shortly after Facebook announced its plans for its Libra stablecoin.

Huawei taking on the blockchain road

With joint efforts between the Nanshan government and Huawei will explore FinTech solutions and development to speed up the application of disruptive technologies. Financial applications, including banks, insurance, securities, and third-party payments, will also be explored based on Huawei’s Kunpeng structure.

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China’s WeBank Makes its First Move to Take its Blockchain Global, Partnering with Singapore's OpenNodes

China’s top digital bank WeBank has announced its partnership with Singaporean government-backed OpenNodes. This partnership will allow China’s FISCO BCOS blockchain platform to be brought to Singaporean academics for innovation and new initiatives. FISCO BCOS was deemed to be China’s version of Hyperledger Fabric when it was launched in 2018.

The Financial Blockchain Shenzhen Consortium (FISCO) is backed by more than 100 Chinese organizations, including Huawei, Tencent, JD Finance, and WeBank, which is partly backed by Tencent. Developed by FISCO, the enterprise blockchain protocol was the first blockchain to be supported by China’s Blockchain Service Network.

WeBank’s executive vice president and Chief Information Officer, Henry Ma said, “We seek to spur the next-generation talents into building viable solutions using blockchain to serve the general public. Providing this open-source technology as a developer arena will also help us strengthen the stack of our technologies in the process while allowing for better products and services for the general public.”

This also became the first move in taking FISCO BCOS international, which also support the Blockchain Services Network’s ambition to go global. The partnership aims to introduce Singapore’s university students to FISCO BCOS. Ma added, “Combining forces is the first stepping stone to expanding the consortium into Southeast Asia, and ensures we are well fed by a constant source of knowledge, technology expertise, and domain experience.”

As previously reported by Blockchain.News, the digital bank is leading the global banking community in banking technology patents climbing ahead of US giants JP Morgan Chase and Bank of America with 632 filed patents in 2019.

China’s international blockchain ambitions

China’s Blockchain Services Network (BSN), ChinaChain has been opened since late April for commercial use after six months of internal testing.

The Blockchain Services Network is built by a consortium of China’s biggest corporations including telecommunications companies and banks, connecting nodes in 128 cities in the country. Companies including China Mobile, China UnionPay, and Huobi China have also taken part in the creation of the BSN. The network also includes 7 areas outside of China including Paris, Sydney, San Paulo, Singapore, Tokyo, Johannesburg, and California. This would facilitate the interested parties to conduct business in China to be able to use the network and to follow the network’s rules.

Along with WeBank’s FISCO BCOS, Hyperledger Fabric, Ethereum, EOS, ChainSQL, and Baidu’s Xuperchain were also part of the plan to be added to the “ecosystem play,” and “internet environment,” as explained by Zhiguang Shan, the Chairman of the BSN’s Development Association. This network of blockchains will be available for those who are interested to take part in it, including small to medium-sized businesses.

OpenNodes: Encouraging engagement in blockchain

Tribe Accelerator announced the launch of its digital media and engagement platform, OpenNodes in August 2019. Founded by 25 founding members and led by Tribe Accelerator, OpenNodes is also supported by the Singapore Infocomm Media Development Authority (IMDA), as well as the Monetary Authority of Singapore (MAS) and Temasek. Yi Ming Ng, Managing Director of Tribe added, “All the stakeholders in the ecosystem have come together to collectively drive this blockchain ecosystem for more mass adoption to happen.” OpenNodes allows for more engagement and collaboration between the stakeholders in the blockchain ecosystem, allowing for a better reach of the audience, showcasing the use cases in the blockchain ecosystem.

OpenNodes is funded by Singapore’s Infocomm Media Development Authority (IMDA), along with other government stakeholders, as well as IBM, R3, ConsenSys, Ethereum, BMW, PwC, and Singapore stock exchange (SGX). Its aim is to support and educate corporates and connect them with technology solution providers.

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Huawei Files Patent For Blockchain Ledger Storage and Device

Chinese technology giant Huawei has applied for a patent on a new blockchain-based storage systems.

Chinese ICT specialist firm, Huawei is steaming ahead with its adoption of blockchain technology with a recent application for a new blockchain patent that focuses on storage devices and methods.

According to a Chinese corporate database called Tianyancha, on January 17 Huawei filed for the patent on a blockchain ledger storage and device, with the application announcement date set for July 14 at the time.

Huawei has also recently partnered with the government of the Nanshan District of Shenzhen to build a Kunpeng industrial and ecological chain. The Kunpeng ecosystem will allow for open-source hardware and software, which is responsible for providing strong security for the digital economy, and both parties aim to construct a key financial platform to become a national benchmark.

China’s Central Bank enlists Huawei For CBDC

The Chinese central bank, People’s Bank of China’s (PBoC) Digital Currency Research Institute, has also enlisted the help of the multinational telecommunications giant, Huawei.

Fan Yifei, the PBoC deputy governor signed the fintech research cooperation agreement between Huawei and PBoC’s Digital Currency Research Institute in Shenzhen at Huawei’s headquarters. The partnership became a reality shortly after the PBoC tested its digital currency in Shenzhen while collaborating with Huawei.

Huawei said that the “strategic cooperation” agreement is for FinTech research. Fan also praised the firm’s achievement in developing distributed databases and computing chips.

Trump Administration Wants Clean 5G Networks Free of China State Actors

Mike Pompeo, Secretary of State for the Trump administration has announced the launch of the expansion of the Clean Network program, outlining five new lines of defense to protect America’s critical telecommunications and technology infrastructure from untrusted Chinese state-owned enterprises like Huawei and ZTE.

The Clean Network program is the latest initiative in the Trump Administrations’ war on China’s tech invasion. The five-pronged approach aims to enhance the safeguarding of United States data and sensitive information from aggressive attacks and intrusions by the Chinese Communist Party (CCP) through state-owned enterprise actors.

US-China Tech War Bubbling

The Trump Administration’s scrutiny of China’s tech firms and their services operating in the United States has been well documented in recent weeks as TikTok, the Chinese social media app has come under fire for alleged data sharing with the Chinese Communist Party, an allegation that parent company ByteDance Ltd has strongly denied.

Currently, over 30% of the world’s smartphone sales come from Chinese vendors Huawei, Xiaomi and Oppo. The tech firms so far have been able to enjoy a relatively open mobile ecosystem, in which consumers in most countries can freely access the likes of Google, Instagram, and WhatsApp.

The Clean Network program aims to flush out any transmission, control, computing, or storage equipment from untrusted IT vendors, such as Huawei and ZTE, which US Secretary of State, Mike Pompeo asserted are “required to comply with directives of the Chinese Communist Party.”

The Clean Network program is an expansion of the internationally accepted digital trust standards and built upon the 5G Clean Path—which is a coalition of like-minded free countries and companies aiming to secure their critical telecommunications, cloud, data analytics, mobile apps, Internet of Things, and 5G technologies from malign actors. As announced on April 29, 2020, the 5G Clean Path will rely on only trusted telecommunications and technology vendors who are not subject to unjust or extra-judicial control by authoritarian governments, specifically China.

While Huawei has already had their access restricted from key Google services, which has crippled much of their overseas phone sales. Other Chinese telecommunications companies could suffer the same setback as Huawei, should the Clean Network be applied to them, which is very likely at this stage.

Beijing responded on Aug 5, saying that it is strongly opposed to US restrictions on Chinese tech firms and dismissed the United States measures as actions to preserve its own technological dominance.

The Five-Pronged Approach

According to the official statement by Pompeo on Aug 5, the programs of the Clean Network initiative are “rooted in internationally accepted digital trust standards and built upon the 5G Clean Path initiative [….] to secure data traveling on 5G networks into U.S. diplomatic facilities overseas and within the United States.”

The five new lines of effort for the clean network will basically remove and block Chinese telecommunications carriers, applications, cloud, cable, and data storage services from United States 5G networks.

While the Clean Network program is currently aimed at protecting US data and information, the momentum for the program is growing. More than thirty countries and territories are now Clean Countries, and many of the world’s biggest telecommunications companies are Clean Telcos. All have committed to exclusively using trusted vendors in their Clean Networks.

Pompeo wrote, “The United States calls on our allies and partners in government and industry around the world to join the growing tide to secure our data from the CCP’s surveillance state and other malign entities. Building a Clean fortress around our citizens’ data will ensure all of our nations’ security.”

With the growing enthusiasm to block malicious data and IP theft, as well as the growing mistrust for the CCP, the initiative when it comes into full effect will most likely be devastating for Chinese tech firms’ sales and services globally.

Huawei and Beijing Municipal Government Develop Blockchain-Based Data Directory System

Telecoms giant Huawei has joined hands with the Beijing Municipal Government to create a blockchain-powered directory system. It is aimed at addressing the headache of weak applications, scattered coordination, and data sharing in various departments, according to local media outlet Jintai News.

Optimizing the business environment

The blockchain directory aims to optimize the organization of the usually scattered data people are forced to grapple with in municipal government offices. For instance, something as simple as obtaining a certificate is usually a very long and complicated matter because it must be signed off and altered through multiple various departments.

The Beijing Municipal Government has not been oblivious to this challenge in its system and believes the Huawei Cloud blockchain network will be instrumental in handling daily affairs through efficient data sharing.

As per the announcement:

“HUAWEI CLOUD not only assisted Beijing in establishing a directory blockchain system, but also launched the intelligent e-government extranet solution to help upgrade Beijing’s e-government extranet, and help Beijing Yanqing build an urban service management command platform (IOC).”

The trust mechanism presented by blockchain technology is expected to propel the generation of integrated information technology. As a result, the services rendered will be improved, making the business environment optimized.

Real-time transfer

Previously, real estate registration in Beijing took at least five days as it required clarification by various departments. However, with the deployment of the blockchain network, an overhaul is expected as this registration will be finished at one time.

The “catalog blockchain” presents an orderly data operation of all city departments. This will prompt the real transfer of standard data interfaces of different fields like civil affairs and household registration population on the chain.

China eyes blockchain haven status

In October last year, China’s President Xi Jinping urged the nation to roll up its sleeves so that it could become a blockchain haven. He noted that the application of this cutting-edge technology had extended to digital asset trading, supply chain management, intelligent manufacturing, Internet of Things, digital finance, and other fields.

China seems to heed to this call as it has defied the odds by establishing more than 10,000 blockchain companies in the first seven months of 2020 as the world continuously grapples with the coronavirus (COVID-19) pandemic.

Huawei Research Indicates Metaverse Infrastructure Isn't Ready

Huawei, a Chinese multinational telecommunications corporation, is of the opinion that the existing telecommunications infrastructure is not enough to meet the requirements of the Metaverse, but that 5G and 6G networks just could be.Abhinav Purohit, Chief Expert on Business & Strategy Consulting for Huawei’s Middle East area, made the remarks. On December 20, he released a three-part blog series that focused on the potential of the Metaverse sector and where telecom firms would come into the picture.Purohit, in his explanation of what the Metaverse is or what its actualization will look like, outlined that a metaverse is a collective virtual shared space that will enable participants located in different parts of the world to enjoy realistic, spatially-aware experiences that seamlessly blend virtual content in a user’s physical world. In other words, a metaverse is an actualization of the Metaverse.In addition to this, he said that the concept of an open Metaverse is intrinsically linked to the Web3 movement, as in-built economies would be made possible by the use of digital currencies and non-fungible tokens (NFTs).It is expected that advancements in download speeds, streaming quality, mobile devices, and Metaverse hardware, amongst other things, will need to be made quickly in order to fulfill such a vision. These developments will allow a virtual sphere that can be navigated easily.Additionally, Abhinav Purohit is of the opinion that there will need to be modifications made to cellular standards, network optimizations, and improvements made to the latency between mobile devices and networks.The primary challenges that are preventing metaverse networks from reaching their full potential at the moment are latency (the responsiveness of a network), symmetric bandwidth (the speed at which data travels), and quality of experience (network throughput).He concludes by asserting that widespread use of 5G networks would greatly boost bandwidth while simultaneously lowering network congestion and latency, and that adoption of 6G networks will raise speeds by an additional order of magnitude.In order to put the speeds of 5G networks into perspective in comparison to those of fixed wireless broadband, it is said that 5G is capable of reaching rates of one gigabyte per second (MBps).When viewed from the outside of the Metaverse, it does appear that there is a significant push to get 5G fully operational across the globe. According to data provided by the Global mobile Suppliers Association (GSA), as of August 2022, 501 operators in 153 countries and territories were investing in 5G.According to the statistics provided by the GSA, 222 of these 501 operators have already offered 5G mobile services in 89 nations and territories. These countries and territories are located all over the world.

China Mobile Launches Metaverse Industry Alliance, Involving Tech Giants Like Huawei and Xiaomi

On June 28, 2023, in Shanghai, China Mobile announced the formal establishment of the China Mobile Metaverse Industry Alliance during the Mobile World Congress (MWC) Shanghai 2023. This initiative marks a significant stride in China Mobile’s strategic foray into the rapidly expanding metaverse landscape.

The alliance, comprising 24 initial members including Huawei, iFlytek, Xiaomi, and Mango TV, aims to foster collaboration, sharing of resources, and mutual development in the realms of metaverse content creation, XR devices, key technology, and computation network.

Highlighting the inaugural event, alliance members, such as Mango TV, iFlytek, BrightWeb, Unity China, HTC, Haima Cloud, and Nolo VR took part in the establishment ceremony, signifying the first algorithmic network ecosystem alliance for the metaverse.

To bolster the efficient operation of the metaverse industry alliance, China Mobile also unveiled a funding initiative that includes one fund and four support policies. The “Metaverse Investment Promotion Center” will be established under the China Mobile and Creation Fund, offering financial services to the alliance members and granting support to outstanding metaverse projects, technologies, and companies.

Moreover, China Mobile has introduced the first metaverse industry standard, leading the development of the first domestic XR device interconnection standard GSXR, which aims to guide the development of the XR industry and promote the construction of metaverse industry standards.

Recognizing the metaverse as a crucial vector for digital economy and construction of Digital China, China Mobile envisions the alliance to further the concept of standard co-construction, resource sharing, and joint development for a mutually beneficial growth in the digital economy.

China Mobile is actively engaged in cutting-edge technologies including blockchain, Metaverse, and Web 3.0. Back in April, China Mobile International initiated the Hong Kong Web 3.0 Institute with the aim of amplifying Hong Kong’s prominence as a pivotal center for Web 3.0 and Metaverse development.

Huawei Cloud Introduces Advanced Web 3.0 Services to Enhance Hong Kong's Digital Landscape

Huawei Cloud has announced the launch of several innovative Web 3.0 services and technologies during the TechWave Web 3.0 Special Day. The event, co-organized by Cyberport Hong Kong, Institute of Web 3.0 Hong Kong, and Techub News, took place at Cyberport Hong Kong and witnessed the unveiling of blockchain services such as the Web 3.0 Node Engine Service (NES) and QingTian Enclave Confidential Computing.

A significant highlight of the event was the inauguration of the Web 3.0 Zone in Huawei Cloud KooGallery, which now hosts the first ten partner applications. The event attracted industry stalwarts including Peter Yan, CEO of Cyberport Hong Kong, Yang Wang, Vice President of Hong Kong University of Science and Technology (HKUST), and Gao Jianghai, President of Huawei Public Cloud Business Department. The gathering facilitated discussions on the growth, infrastructure, and application compliance of the Web 3.0 industry, as well as the merging of digital and physical realms.

Cyberport CEO, Mr. Yan, emphasized the organization’s role as a central hub for Web 3.0 in Hong Kong. He mentioned, “As the largest Web 3.0 community in Hong Kong, we aim to utilize our comprehensive innovation and technology (I&T) ecosystem to bridge sectors like smart living, FinTech, and digital entertainment, promoting collaboration and innovation within Web 3.0 projects.”

HKUST’s Vice President, Mr. Wang, highlighted Huawei Cloud’s pivotal role in propelling Web 3.0 in Hong Kong. He stated, “Huawei’s global vision and strategy will significantly elevate Hong Kong’s position in the global Web 3.0 arena, thereby boosting the region’s digital economy.”

Mr. Gao from Huawei Public Cloud Business Department pointed out the technical challenges the Web 3.0 industry currently faces. He said, “By leveraging Huawei’s 30 years of experience in ICT, combined with hardware and software synergy, we are confident in addressing these challenges and advancing the Web 3.0 industry.”

Huawei Cloud has introduced a hosting service tailored for Ethereum staking nodes, enhancing staking validator efficiency to over 99%. The QingTian Enclave security framework ensures end-to-end data encryption, providing a secure environment for applications and data on elastic cloud server instances. Additionally, with innovations like ZK Rollup hardware, Huawei Cloud aims to reduce average transaction confirmation times from hours to minutes.

In its endeavor to develop the regional Web 3.0 industry, Huawei Cloud has launched the Web 3.0 Zone on KooGallery. This platform collaborates with industrial parks, universities, and research institutes to foster skill development, ecosystem growth, and developer engagement.

Furthermore, Huawei Cloud’s Blockchain Service (BCS) has developed over 400 industry application scenarios across seven key sectors. The company’s vision is to establish an open blockchain platform that promotes cross-industry innovation and accelerates the integration of Web 3.0 technologies with the real economy.

Concluding the event was a roundtable discussion that delved into topics like Web 3.0 infrastructure innovation and on-chain user security. The overarching aim is to cultivate a collaborative and beneficial Web 3.0 industry ecosystem in Hong Kong.

Huawei Cloud, with its Everything-as-a-Service strategy, is committed to providing Web 3.0 customers with globally distributed computing power and establishing a secure Web 3.0 infrastructure on the cloud. The company’s mission is to foster a sustainable industrial ecosystem in Hong Kong with a global impact, propelling the growth of the region’s Web 3.0 industry.