Street signage board with Huawei logo.

Blockchain is necessary, and everybody knows it: Huawei exec

Blockchain is necessary, and everyone now knows and accepts this, a senior executive at Huawei has stated. While he acknowledged that the technology needs to mature, he sees blockchain building the foundation for a digital future.

Zhang Xiaojun, the Chief Strategy Officer for blockchain at the Chinese electronics giant shared his views on blockchain technology and the upcoming digital yuan in a recent interview with Chain News.

Zhang sees blockchain as a global necessity, claiming that it’s no longer debatable if the technology has a role to play.

He told the outlet, “Now no one asks what a blockchain is or whether or not a blockchain is needed. The general consensus is that a blockchain is necessary, and more attention is paid to specific issues such as blockchain scenarios, technology, and business models.”

He, however, admitted that the technology hasn’t matured enough to take over the world. He compared its growth to that of the Internet in China. While the country is now a global leader in Internet usage, it wasn’t always so. He pointed out that deep Internet penetration only started in 2005 when smartphone penetration took hold.

Zhang, who has been working at Huawei since 2006, compares blockchain currently to Internet penetration in 2003.

While blockchain will become globally unanimous as a technology, Zhang envisions the number of blockchain networks reducing. He believes that it’s those blockchains that provide high scalability, security, high concurrency and deep integration that will emerge victorious.

Zhang’s analysis is apt. While there exist several hundred blockchains, most are just out to capitalize on speculation and hype before they crack under pressure.

Bitcoin SV is the only blockchain network that offers unbounded scaling, a stable protocol, very low transaction fees that support micro- and nano-payments and real-time transactions. As such, it’s established itself as the enterprise blockchain and in time, it’s proving that Satoshi made one blockchain to rule them all. At the moment, BSV is already the world’s largest public blockchain by all major utility metrics—from data storage and daily transaction volume to scaling ability and even average block size.

Bitcoin SV is now the global leader by all major utility metrics. These include data storage with its massive blocks and scaling ability. Bitcoin SV also boasts having the highest daily transaction volume, proving that not only is it architecturally superior, it’s also attracting bigger numbers than the speculative and cartel-led networks like BTC and Ethereum. BSV recently overtook the latter in transaction volume.

Watch: CoinGeek Zurich panel, Triple Entry Accounting on Blockchain

YouTube video

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.