Three leading Chinese telecom operators have come together to announce the launch of a research group that would delve deep into the workings of blockchain technology. According to reports, this working group has already had a first meeting to kick-start its research.
The three operators involved in this launch are the China Mobile, China Unicom and China Telecom. The research group that these three have collaboratively put together include 20 people with expertise on blockchain and financial technology. These 20 experts hail from eight notable firms such as Huawei, Financial Technology and Union Mobile.
An executive working with China Mobile is reported to have said, although anonymously, that the research group is aiming to create a reliable and credible team of blockchain application that would explore the whole gamut of this technology. He added that this group would work on solutions in contract management, building of use cases and order management, among others.
Reportedly, the three telecom giants will attempt to enhance awareness and knowledge on new ways of applying blockchain solutions in telecommunication, digital assets and so on. In doing so, they will also seek the cooperation of participants and insiders of the local fintech and blockchain industries.
Blockchain’s potential values in the stock markets are on an upward swing and China is out to make the most of this potential. In the early part of July, reports indicated that blockchain technology could amount to almost $1 billion by the year 2023.
China is expecting to have a set of universal regulatory standards for its home industry in blockchain and fintech soon. Before these are announced and implemented by the end of next year, China is continuing to show great enthusiasm for exploring blockchain’s potential, and this is just an example in a long series of cases.
Soon, China is also set to give leadership to an international research group working with IoT and blockchain. This group’s deliberations are expected to focus largely on universally developing, promoting and encouraging the concept of integrating fiat economy with the cryptocurrency based virtual economy.