China Telecom has released a whitepaper on blockchain-powered smartphones. The rise of 5G mobile internet makes it possible to reach the mainstream. Their 5G blockchain makes it possible to automate certain things and trace transactions. On top of that consumers get to own their own digital assets.
The 5G blockchain has five application scenarios. The telecom company mentioned digital identity verification, financial services, supply chain tracing services, judicial application and the express delivery industry. Theoretically it will be possible for 5G phones to contribute to a blockchain network. Phones will function as a node.
In the first place China Telecom wants to build a blockchain application system. This system combats fraud, harassment, loss of data and crimes related to identity theft. Secondly they plan a digital assets management system build into a SIM card.
The telecom company underlines that blockchain-powered smartphones are still in their early days. However these phones are not in mass production yet. Samsung has released the Galaxy S10. This phone supports cryptocurrencies and comes with an integrated store for decentralized apps. On another note, Pundi Labs is working on the XPhone. This blockchain-powered smartphone can send phone and video calls over the blockchain. This XPhone is not on the market yet.
China making big steps into blockchain
With China Telecom announcing plans for blockchain-powered smartphones the country is really at the forefront. On top of that China will release its state-owned cryptocurrency this year. As a result the coin will replace coins and bank notes.
In July a court declared bitcoin to be a virtual property. As a result this meant that cryptocurrencies are protected by law. The country approved 197 companies as registered blockchain service providers. Among them are major corporations like Tencent, Alibaba and Baidu.
Also published on Medium.