China-based multinational telecommunication and technology giant Huawei has signed an agreement to accelerate the adaptation of blockchain technology in the Chinese district of Shenzhen, according to local media reports.
Huawei has signed the agreement with the government of the Nanshan District of Shenzhen. The technology giant will also help establish the Kunpeng industrial demonstration zone, accelerate the application of artificial intelligence (AI) big data and 5G technology.
The agreement signed with Huawei is a part of the government’s plan to develop Shenzhen as a blockchain-friendly region. Shenzhen is already considered to be the biggest technology hub in China and serves an important purpose-being the link between Hong Kong and mainland China.
According to media reports, Huawei also signed a deal with the People’s Bank of China (PBoC) last year, to boost the application of blockchain in the country.
Huawei, which has been leading the 5G revolution in major countries, launched its Hyperledger-based blockchain-as-a-service platform in April 2018.
Reportedly, Huawei will also start testing the digital yuan in Shenzhen. Recent media reports suggest that China will fast track the development of its digital currency, to help the country deal with the coronavirus pandemic. The tech giant is collaborating with the country’s biggest commercial banks as well as major telecommunications operators to roll out the digital currency.
According to a research report by CB Insights revealed that China accounted for 22 percent of blockchain investments in 2019, compared to 31 percent for the US. The research reveals that investment in blockchain in China has increased significantly, given China accounted for a meager 2 percent in 2015, while the US was getting 51 percent of total funding.