Three leading Chinese telecom companies are uniting in order to advance the use of blockchain in their industry, which will allow them to reduce their operating fees and supply never before seen security.
China Mobile, China Telecom, and China Unicom will be operating under the wing of a research body under the Ministry of Industry and Information Technology, the China Academy of Information and Communications Technology (CAICT). Huawei Technologies, the prominent telecom supplier, will serve as deputy in this collaboration.
Despite not having the same enthusiasm as other countries when it comes to crypto-related activities and crypto itself, China is quite the fan of the technology that lies behind it and has been pushing it forward quite actively this year.
This blockchain breakthrough comes at an important time when 5g technology is not far beyond the horizon. The collaboration is expected to explore blockchain-based applications concentrating on identity verification and data sharing with the various internet of things (IoT). The former Huawei engineer and one of the minds behind the blockchain startup that aims to provide a decentralized mobile network to its users, QLC-chain, believes that “In the next three to five years, we can expect to see more than 60 percent of telecoms services use blockchain technology.”
WHY IS THIS IMPORTANT?
- Blockchain technology has the potential to create better telecom services.
- If successful we might see the spreading of these services and technologies making them more accessible.
South Korea’s major telecom company recently introduced its own blockchain. Read more on Insider.Pro.