China’s Top 3 Telecom Firms Form Blockchain Group to Enhance Operations and Security
Top Three Telecoms In China Have Joined To Boost Their Operations With The Use Of Blockchain Technology
The top three telecommunications listed in Hong Kong, which are China Unicom, China Mobile and the China Telecom have decided to band together in order to utilize the blockchain technology. All this is with the aim of boosting the current security and operations that are within the industry; this is according to a report done by Asia Times.
The China Academy of Information and Communications Technology referred to as CAICT, said in a statement that the research body that is being controlled by the Ministry of Industry and Information Technology that the three telecoms went ahead to join the G2 which is considered as a trusted blockchain initiative.
These three Chinese telecoms have been considered to be the largest mobile market in the world due to the number of subscribers that they have. The companies will be focusing on the blockchain based technology apps that have been designed to be related to the data sharing, client identity verification and Internet of things.
The idea behind all this is to ensure they have reduced the current operating costs they encounter and in turn be in a position to raise the current efficiency within the organizations.
Huawei Technologies, according to the report is seen as the most significant equipment supplier in the telecom industry, was designed to be the project's deputy ahead.
Comment From Allen Li
A post by South China quoted Allen Li, who is a former engineer at Huawei and also the current chief architect in the Hong-Kong based blockchain startup referred to as QLC Chain, that in the next three years or so we should be able to see more than 60% of companies in the telecom industry taking advantage of the blockchain technology. The QLC is responsible for developing the needed protocols for the mobiles used in the decentralized system.
He also added that the blockchain technology is not only here to help the telecom industry in the reduction of operating costs for transactions such as user identification, content delivery and billing, but will actually be in a better position in serving as the best solution in the market when it comes to improving the security within the network.
More To Expect In The Market
In the next two years’ consortium plans on rolling a 5G network. It is to ensure it is giving them an extra advantage in this crowded telecom industry.
In April CAICT went ahead to launch there Trusted Blockchain Initiative in order to help them in exploring the various applications that are present in the blockchain technology that could affect the significant industries in China. However, the crackdown that was happening on the various crypto coins led to a slow implementation of the project in different areas.
Early this month there was a group of ASEAN and even South Asian telecommunications carriers who went ahead to join the global consortium. This was in the hopes of looking for ways they could collaborate in creating the next generation of a cross-carrier blockchain ecosystem and platform.
This was now referred to as the Carrier Blockchain Study Group, CBSG, which got accepted to its current fold of the Axiata Group Berhad, PT Telekomunikasi Indonesian International, Telin, and various other telecoms within the area.