SGC

Big phone operator China Telecom has released a white paper on Blockchain-enabled smartphones in the 5G era. According to a report by the local financial news channel Sina, China Telecom presented the whitepaper on August 27 at the China International Intelligent Industry Expo.

In the document, China Telecom highlighted the potential benefits of using blockchain technology on mobile phones, including the automation and traceability of transactions. According to Sina, China Telecom can control its digital assets in the 5G era. Regardless of the data volume, the data variants, and the data dimensions, the data capacity will grow geometrically.

The company has reportedly acknowledged the increasing acceptance of blockchain in the mobile industry, with the proviso that the acceptance rate is low at present, as mobile phones with blockchain have yet to mass-produce. However, the majority of Blockchain mobile phone manufacturers used blockchain to speculate about market hotspots, rather than bringing the actual performance of the technology to the industry, China Telecom said. This, in turn, has led to the poor performance of the previous Blockchain smartphones, the company said.

The Blockchain application ecosystem, developed by China Telecom, described in the whitepaper, addresses essential issues in mobile network operations, including fraud, harassment, data loss, and identity theft-related crime. Also, the paper describes a project of the SIM-based Blockchain Digital Asset Management system. For example, China Telecom's idea of ​​using blockchain to manage theft and loss theft involves creating blacklists for trusted IMEIs and encrypting them via blockchain. When a mobile device is blacklisted, network operators, smartphone providers, and end-users can instantly identify and disable stolen devices via the technology, China Telecom said.

Also, the whitepaper indicated that the 5G blockchain contains five main application scenarios, including digital identity verification, financial application, supply chain tracking application, judicial application, and express delivery. As previously reported, the combination of 5G and blockchain may potentially contribute to an increase in economic value, among other things because 5G directly supports blockchains through increased node sharing and decentralization, enabling shorter block times and improving the scalability of the chain.

The world is adopting blockchain in different industries, where cryptocurrencies are leading the way. SGC, a gold-backed crypto is working to secure a position in the top 10 cryptocurrencies.