A report by Fintech News on July 23 announced China’s blockchain research group for the creation of a dependable blockchain application group.
China’s three major telecom operators (China Unicom, China Mobile, and China Telecom) launched the research group which consists of 20 experts from eight companies including Union Mobile, Huawei, and Financial Technology (UMF).
The research team intends to explore the blockchain area by building a dependable blockchain application group. It’s meant to be a solution in terms of contract management, order management, and creation of use cases. The group pursues to increase the apprehension of the new applications of blockchain technology such as telecommunication assets, digital assets, and next-generation telecommunication network.
China’s corresponding approach to blockchain exploration is set to direct the domestic industry by the end of 2019. The potential value of blockchain for the global telecoms industry is one the reasons for China’s recent move of commitment to the technology. A report estimated blockchain technology’s contribution to reach as much as $1 billion by 2023. And it is expected to impact many lives in the coming years especially the telecom industry. On the other hand, a report noted that the growth could be stalled by the lack of common standard and the current indefinite regulatory environment in some countries around the world. Chinese authorities continue to champion blockchain’s potential stating that the technology warranted further attention and research since blockchain exploration is inevitable. Nonetheless, warning on its unstable nature and present nascent state are still being issued.
Cointelegraph stated in a report last week, China is going to lead an international research group on IoT and blockchain. The focus of which is global development and promoting the integration of fiat and the digital economy. Blockchain projects are increasing in China, and with the country playing an important role when it comes to the cryptocurrency market, everyone is watching.