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Giant Telecom Companies Turn to Blockchain to Speed up Technological Progress

2 Mins read

Blockchain technology could bring opportunities to telecom companies to cover markets that were somehow impossible to cover before, and this will enable them to grow their revenue minus making any investments.

cryptonews.net

Within the telecommunication sector, distributed ledger technology (DLT) can bring an unprecedented impact on most things starting from interconnect, partner management, identity management, and mobile payments.

Efforts telecom giants have made in the field of blockchain

Telecom companies like Vodafone, LG, IBM, Samsung, Lenovo, and many others, have been making visible efforts in the field of blockchain and cryptocurrency.

Vodafone enlisted DLT nonprofit to be used in tracking renewable energy use in the European continent. LG integrated its DLT local cryptocurrencies with an artificial intelligence facial recognition service dubbed ‘face recognition community currency’ to guarantee contactless payments at hotels and restaurants. IBM is also focusing much on bringing blockchain tech for enterprise users.

Samsung employs blockchain to keep users private keys in a single and safe location, and the network and other extra protection from TEE and Samsung Knox offer encryption for users’ data files with passwords. Samsung also created Galaxy S10 smartphones that have blockchain wallets to allow customers to send and receive and even store digital currencies, and also use crypto-based dApps.

Lenovo is also aiming at transforming the supply chain operations using DLT. The company wants to enhance visibility and efficiency in the supply chain.

Since China is more optimistic about blockchain than cryptocurrency, it has attracted telecom giants to join the race of developing the technology further. Huawei and Tencent joined the national blockchain board to help thrust DLT development in China, as per the report by CoinIdol, a world blockchain news outlet.

Now, Nokia has rolled out a distributed ledger tech (DLT)-powered data trading platform dubbed ‘Nokia Data Marketplace’ that will help in connecting cars, companies and communication service providers. The blockchain artificial intelligence (AI) solution will help telecom companies and other companies to give data and AI models as a service.

The platform integrates Hyperledger Fabric enterprise DLT and builds up the information from the decentralized sources to make more favorable data for machine learning (ML).

Enabling trusted data exchange and monetization using decentralized technologies

Nokia will target information from internet of things (IoT) devices and use this data to create solutions using blockchain technology with connected cars. As per the once-giant mobile phone manufacturer, since DLT is becoming the data and analytics monetization tool, the DLT-driven solution will later be used to improve smart cities, the healthcare industry, the energy and gas sector, aerospace and ports. Using the marketplace, these sectors will be able to trade their data and analytic savvy to the users.

This isn’t the first time Nokia is engaging in blockchain-powered projects. The company is implementing and using IBM’s blockchain-driven platform dubbed Trust Your Supplier (TYS) to grow the onboarding phase of suppliers. Nokia Digital Business has been busy implementing the 5G Economy where the use of blockchain technology has been a key tool for monetization. As the world is preparing to shift from the existing technology to 5G internet tech could perfectly work effectively with blockchain technology.

Nokia has become the latest firm to premiere a DLT-powered enterprise service in a period when the digital payment sector and the cryptocurrency market ecosystem is facing massive growth. Enterprise DLT is being seen as a key adoption driver for this year and this has significantly influenced the price trend of blockchain-related activities that are creating working solutions in the digital market.

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