Three major Chinese telecom firms - China Mobile, China Unicom and China Telecom - have teamed up to explore blockchain use cases, several local media reported.
The telecom operators set up a research group that involves around twenty experts in the field, including representatives from China Mobile, China Unicom, China Telecom, smartphone manufacturer Huawei, mobile commerce firm Union Mobile, and blockchain startups ChainNova and Hyperchain, according to Chinese news source C114.
The blockchain initiative, marking the first co-operative effort of China’s major telecoms, will focus on logistics traceability, inter-operator clearing and business operation support, local outlet Fintech News wrote on Monday.
China’s telecom sector is yet another to join a blockchain-oriented environment that keeps expanding in the Asian country. Nanjing, the capital of the Chinese province Jiangsu, has decided to create an investment fund of 10 billion yuan (around $1.48 billion) to support public blockchain projects, local news publication ZDNet reported on Monday.
A week earlier, the Chinese Ministry of Industry and Information Technology advocated for the adoption of blockchain as a core technology in the context of the digitization of the country’s economy. The ministry’s deputy director, Xin Guobin, stated that blockchain could help fight data and security breaches, cut costs and be a solution for the weaknesses of conventional credit systems.
As Chinese industries are increasingly turning to blockchain technology, the creation of a set of comprehensive industry standards seems to be underway. Li Ming, director of the Chinese Blockchain Research Office, part of the IT ministry, told news source Sina on May 10 that a group of experts is already working on nationwide standards, due for release by the end of 2019.