Madrid-based Telecom and Mobile Network Telefónica Open Future Seeks Blockchain and AI Talent

Telefónica, which is the largest multinational telecommunications company in Spain, has decided to announce a new initiative which will be used in order to support all kinds of entrepreneurs that base their services on the blockchain or artificial intelligence (AI) technology.

The news, which was divulged via a press release, affirms that the Spanish telecom, which is one of the largest phone operators in the whole world, will use Telefónica Open Future to finance this initiative, called Open Innovation. The idea is to incubate tech companies in order to make these projects ready to innovate the ecosystem using the newest technologies.

According to the press release, the focus of this new initiative will be mainly on four kinds of technologies: the blockchain, artificial intelligence, virtual reality and big data. All these fields are very important right now and several companies are making breakthroughs in the area. Therefore, these were the fields chosen by the company.

It was also stated on the official press release sent out to the media by Telefónica that the main reason for the initiative would be to strengthen the growth of companies and entrepreneurs in areas in which they already had a lot of talent and promise for the future, but lacked the proper funds.

Also, another goal of the Telefónica Open Future will be to approximate private and public institutions which are focused on innovation.

Any entrepreneur interested in the project will have a deadline that will be finished in March 20 to register. The selected startups will have the support and promotion paid by the Global Open Future network and Telefónica. The number of projects that will be sponsored at the end of the process was not yet fully clear at the time of this report.

In related news, another big telecom group, this time the KT Corporation from South Korea, has also started to develop its own currency.

Blockchain Startups Continue To Grow

Despite all the problems that the crypto market and the harsh bear market that the industry has been facing lately, blockchain startups simply continue to grow, which may show that innovation cannot be stopped.

A new survey which was recently conducted in Switzerland affirmed that the number of startups in the country and in Liechtenstein continues to grow at fast rates, for instance.

However, less companies are relying so much in having their own cryptocurrencies these days, which is expected, as Initial Coin Offerings (ICOs) are not so popular anymore.

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