Blockchain and 5G will be the Future, China Telecom Deems
Blockchain and 5G are the technologies that will lead the digital future, China Telecom’s executive thinks. The head of the company’s Blockchain and Digital Economy Joint Laboratory, Liang Wei, explained that the Blockchain could hasten the growth of 5G. Notably, it can help with billing and payments, network sharing, and a lot more.
During an interview with China’s Securities Daily, Wei said that 5G would revolutionize the entire world, especially when it comes to IoT and mobility. But, its deployment experiences a various number of challenges.
He stated, “The deployment of trillions of nodes, the interconnection of all things, and the provision of services to each other pose new challenges to data security, data value, and exchange transaction models.”
In addition to that, Blockchain technology can resolve a lot of these difficulties. And 5G antennas have a short-range, about one mile, which makes it less than a tenth of their 4G counterparts. With that, it necessitates the deployment of ten times more antennas in the 5G network – an expensive undertaking.
Also, Blockchain can support telecom firms crowdfund for the employment of the said antennas. Then, the revenue produced would be shared in a transparent platform, empowered by Blockchain.
Aside from that, it would make it easier to share 5G infrastructure among mobile network operators. They need to automate payments with the use of smart contracts and digital currencies, curbing all possible foul play.
Blockchain will mainly come in handy in international roaming, letting automated micropayments.
5G Technology
Moreover, 5G technology will boost the rise of the Internet of Things (IoT). As billions of interconnected devices share data autonomously, security will be one of the hardest challenges. However, Blockchain can undoubtedly alleviate it.
Wei noted that they could use Blockchain in solving data security and value exchange problems in IoT applications. And it has become a vital underlying technology to promote the development of IoT applications.
Then, China Telecom is the country’s most massive fixed-line service, and the third when it comes to a mobile telecommunications provider. With the other two major telecoms, they have significantly invested in 5G rollout. Based on the firm’s estimate, China will have more than 170 million mobile subscribers on the 5G network.
New DLT Payments of Cambodia
Elsewhere, the central bank of Cambodia will launch a distributed ledger technologies (DLT) network to allow greater interoperability in the country’s payment sector and to take on the almighty greenback.
Also, consumers can make near-instant payments via the platform, using their mobile app and QR codes.
In a consensus distributed on May 11, National Bank of Cambodia’s assistant governor and director-general Serey Chea disclosed the initial goal of the DLT network. And this is to undermine the popularity of the U.S. dollar.
She said that Cambodia might be the most dollarized economy globally. And the entire financial system or its whole economy – over 90 percent – is based on U.S. dollars.
Chea added that the DLT-based payment network is under construction for four to five years, and they will launch it soon.
