Chinese Telecom Giants Support Blockchain Technology
In recent news, three of the leading telecom companies in China have collaborated together to look further into blockchain technology and its applications. China Telecom, China Unicom, and China Mobile are joining each other to study several use cases of the tech.
The three major telecom companies created a group dedicated to researching blockchain tech and its applicative uses. As part of the joint effort, twenty or so professional experts in their respective field have come together as one team, including members from Huawei, Union Mobile, ChainNova and Hyperchain, two startups based on blockchain-tech.
A local publication has reported that a unique collaboration between the three tele-giants, this makes China’s first joint effort to study several blockchain-related topics including logistics, support for businesses and their operations and more. The telecom industy in China is another joining member of the blockchain-tech ecosystem continuously growing through the nation. Nanjing city has also established a 10B yuan investment fund to pour into open-source blockchain startups.
A week after Nanjing, China’s information tech ministry expressed support for blockchain tech and its acceptance as the founding tech to transform the economy into a digital one. Xin Guobin, DD of the ministry said that blockchain-technology could aid in the constant battle against hackers and other malicious invasive attempts, heavily reduce costs and reinforce the country’s poor credit systems.
While China continues exploring blockchain-tech for several use cases and development, it points to a possible development of complete industrial standards throughout China. Acting director at Chinese Blockchain Research Office, Li Ming, spoke to local news and explained that an expert team is currently reviewing and developing national standards expected by the end of next year.