China Mobile, China Unicom and China Telecom, three of the largest telecom operators in China, have announced the launch of joint research group aimed at finding new use-cases for blockchain technology. Reports published today, July 23rd, from local Chinese media outlet, Fintech News, state that the new research group is made up of 20 tech experts from across the region.
The new research group marks the first time China’s three major telecom companies have ever worked together. The research will primarily be focused around logistics traceability, inter-operator clearing and business operations support.
“[We aim to] build a trustworthy blockchain application team to explore the blockchain area,” states one China Mobile official. “It’s a solution in terms of order management, contract management and creation of use cases.”
China Telecom, China Unicom and China Mobile have been involved in numerous independent blockchain projects since 2017. Meanwhile, China as a whole continues to be one of the global leaders in researching new use-cases for blockchain technology. Reports from the region estimate that blockchain technology will become a 1-billion yuan industry within the next 5 years. A report published earlier this month in MarketWatch estimated that blockchain in telecom, currently a $46 million enterprise, could grow to be a $993 million industry by 2023.
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