China continues its drive toward creating a tech utopia as China Mobile, China Unicom, and China Telecom combines to create an alliance. These three are the largest telecom operators in China and have combined resources to delve into research on blockchain and its other possible applications. The group has asked for help from other companies, Coin Telegraph reports.
These companies include but are not limited to Financial Technology, Huawei, and Union Mobile. Their aim, according to an official from China Mobile, is to create a team that will explore what possibilities there is by using blockchain technology.
Blockchain has always had applications in the digital financial industry; the telecoms will reportedly find uses for it in the area of digital assets as well as in telecommunications and other areas.
The alliance that the three major telecoms have created is a first for the Chinese telecom industry. Their research will be into logistics, business support, as well as clearing of operations, among the other branches seen here.
The three companies, Unhashed reveals, have been working with each other in the area of blockchain research since last year. This is in line with China's vision to become a global power in terms of technology and new-use capabilities for next-gen technologies like blockchain and others. Blockchain, for its part, has the capacity to become a billion-yuan industry with many applications. It has also been researched that by the year 2023, blockchain technology will approach the billion-dollar mark.
Chinese commitment to the technology remains to be bullish about what kind of tech people will come to expect. Other trends move towards China's intent to be at par with what seems to be a fast-approaching the global blockchain market; that they will have the rules in place by the time blockchain becomes more than just a crypto-technology trend and more a basic, actual technological facet.
China hopes to lead the way in creating not just a local group, but an international effort on the research for blockchain uses and effective applications. While focusing on the national application of such technology, China hopes to promote and globally develop blockchain.
