Fintech News reported that a blockchain research group has been created by China’s three leading telecoms operators in the country.
These three operators consist of China Mobile, China Unicom, and China Telecom. The established group highlights about 20 experts from eight firms, which include Huawei, Union Mobile, and Financial Technology.
The China Mobile executive, who chose to be unidentified, noted the main goal is to create a reliable blockchain application group assigned to explore the digital arena.
The official claimed it’s a new solution necessary for order management, contract management, and the creation of use cases.
The telecoms group is determined to increase awareness of new applications in the blockchain arena involved in digital assets, telecommunication assets, and next-generation telecommunication network. This is in relation to the local industry attendees.
China’s commitment highlights strong desire on blockchain’s practical use for the global telecoms industry. In an earlier report, it is expected that the technology will reap as much as $1 billion by 2023.
The move backs China’s approach to blockchain exploration in line with the universal standards that will govern the domestic industry by 2019.
China is also spearheading a global research group on blockchain and IoT, as reported by Cointelegraph with emphasis on “global development and the promotion of the integration of fiat and digital economy.