Blockchain technology is finding multiple use cases in the world, and there are many existing tech companies that have taken note of the progress. In a report from Peninsular Qatar, it appears that Ooredoo Group has decided to launch their own initiative for blockchain.
According to the report, Ooredoo Group already has collaborated with multiple public, private, and academic entities in their efforts to offer blockchain solutions. The CEO, Sheikh Saud bin Nasser Al Than, said that the progress made by blockchain could ultimately change business models and revenue “in the next five years.”
The use of blockchain helps to make the costs smaller and the efficiency greater within organizations, increasing transparency and trust. In the article, the writer names several possible applications for blockchain tech, including smart contracts used in real estate, product tracking, and cross-border settlements. In fact, there have already been pilots, testing, and launches for these types of products as blockchain has evolved, though not with Ooredoo Group.
Hopefully, the work of the group will result in a combination with 5G, which is the infrastructure behind the cloud and Internet of Things, though the article does not go into detail about how. Information from CrunchBase shows that the annual revenue of Ooredoo Group is $8.2 billion, and it is known as one of the largest telecommunications companies in the world.
In February, the Telefonica telecommunications company chose to partner with Microsoft, as both companies expanded their journey into blockchain technology and artificial intelligence. In another endeavor for blockchain technology, Pin An partnered with Ethereum’s Singularity. Ping An is the tenth-largest company and an insurance brand, while SingularityNET is a startup with a focus on artificial intelligence.