Chinese Smartphone Retail Giant Invests In Decentralized Cloud Storage Firm, Monsoon Blockchain

A subsidiary of D.Phone, one of the largest Chinese mobile phone retailers, has made its first steps into the blockchain space by acquiring a minority stake in Monsoon Blockchain, a US startup.

It seems Dixintong Technology Group and Monsoon Blockchain signed the purchase on January 7. The company’s founder and chairman, Donghai Liu, said this will allow Dixintong to explore blockchain-based and other new technologies like the Internet of Things (IoT) and 5G.

Many Phone Companies in China are Exploring the Blockchain Space

Since President Xi Jinping has expressed its support for blockchain technology, many telecommunication services providers in the country have started to be more and more interested in it. For example, China Telecom and China Mobile are now part of the state-backed consortium Blockchain-Based Service Network (BSN). More than this, most major Chinese carriers have started to offer cloud services and 5G data plans to their customers. When it comes to the Dixintong project, Liu had this to say about it:

“There will be great potential for blockchain adoption given the support from the Chinese government. That is one of the biggest reasons why we want to form a partnership with Monsoon Blockchain.”

Monsoon Touts an ETH-Based Protocol

Monsoon Blockchain is thinking about running an Ethereum (ETH) – based protocol for smart contracts to have a marketplace for potential clients and cloud service providers. The protocol will be blockchain-based and peer-to-peer. The company has collaborated in the past with Oracle, IBM and Alibaba. With Dixintong, it’s planning to bring more users onto the protocol. Dixintong is not only selling mobile devices, but also data plans and licensed virtual services, so it has access to billions of Chinese users that Monsoon can reach to.

When it comes to Monsoon’s role, this would be to assign unique identities to smartphone users on the blockchain platform, for them to benefit from data services at low costs as a result of the optimized cloud services solution.

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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