“Big Three” Chinese Telecoms Giants Launch Research Group for Blockchain Exploration
Of late, China Mobile, China Unicom and China Telecom, three major telecoms operators in China, have launched a blockchain research group, reports on July 23rd, from local industrial media outlet C114.
Twenty experts from eight enterprises and institutions including China Academy of Telecommunication Research of MIIT, China Mobile, China Telecom, China Unicom, Huawei, Union Mobile Potential as well as blockchain startups ChainNova and Hyperchain, attended the first group meeting.
This research group is called a ‘trustworthy blockchain application team’ aiming to develop more blockchain usage in telecommunication industry. In the meeting, the telecoms group shares conceptual thinking based on blockchain applications in valuable data sharing between operators, order management, contract management, PKI authentication, threat intelligence, etc.
Experts from across the region have shared their past experience in blokchain based industrial solutions in finance, logistics, warehousing, medical, energy, and smart government affairs. They believe that, blockchain technology can also provide industrial solutions for telecommunications, specifically in Baas service, IoT logistics traceability, inter-operator settlement, business operation support and other fields.
The official establishment of the trustworthy blockchain application team promotes close cooperation between the telecoms operators and blockchain industry. It may also enhance the understanding of “new applications in the area of blockchain digital assets telecommunication assets and next-generation telecommunication network” among industry participants.
Notably, it is not the first time for China Telecom, China Unicom and China Mobile to explore blockchain technology, they have engaged in independent blokchain projects since 2017. According to a report published on MarketWatch earlier this month underscores the spectacular potential value of this cutting-edge technology brings to the telecoms industry. It indicated that, within 5 years, blockchain may contribute as much as $1 billion to the telecoms sector.
The report summarizes that: “The blockchain in telecom market is driven by various factors, such as the increasing support for operations support systems (OSS) or business support systems (BSS) processes and rising security concerns among telcos.”