State-owned Chinese Telecommunications Company to Develop 5G Blockchain Phones
- The issue of security and privacy with 5G
- Blockchain is the only answer
China Telecom, the state-owned Chinese Telecommunications company is now planning to develop blockchain-enabled 5G SIM cards, reported local news website Sina.
The China Telecom Blockchain and Digital Economy Joint Lab released the white paper on Blockchain Smart Phone in the 5G Times at the 2019 China International Intelligent Industry Expo on August 27.
The paper details its plan for a SIM card that will support Ethereum and ERC20 tokens. This will also be compatible with all types of smartphones. Moreover, it talks about turning a smartphone into a decentralized node to help create a more secure network.
However, China Telecom has a bigger fish to fry, 5G.
Chinese companies are expected to invest more than $400 billion 5G over the next 10 years.
The Issue of Security and Privacy
The paper notes the growing adoption of blocking in the mobile industry, albeit at a low rate has blockchain-powered smartphones yet to see mass production.
The fact that the majority of these blockchain mobile phone manufacturers have used the technology to speculate rather than to bring its real power to the industry, it has resulted in the poor performance of incumbent blockchain smartphones so far.
5G has its share of issues in terms of security and privacy fears. And this is where blockchain will help the telecom provider enhance privacy and security in the 5G era.
Blockchain Is The Only Answer
As per the paper, blockchain might be the only technology that can secure users’ data in the coming 5G times.
It states that people can master their own digital asset in the 5G era “regardless of data volume, data varieties and data dimensions, data assets will grow geometrically.”
So, the blockchain application ecosystem developed by China Telecom, as described in the whitepaper can solve major issues like identity theft, fraud, and harassment by providing digital identity authentication, shifting the reliance from usernames and passwords, and data ownership.
As for the major application seniors of the technology, the paper lists five scenarios including financial application, digital identity verification, express delivery industry, judicial application, and supply chain tracing application.