Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
China Telecoms pushes the Chinese to finally catch up in the blockchain space with a new blockchain that works off the 5G mobile spectrum. This may be the gamechanger they have hoped for.
China Telecoms has finally decided to come into the blockchain game with an innovation that could be the game-changer for the Chinese. They have indicated plans to develop a 5G Mobile SIM card that can actively participate in a mobile-oriented blockchain.
This disclosure was made at the recently concluded 2019 China International Intelligent Industry Expo by the China Telecom Blockchain and Digital Economy Joint Lab.
Leading Chinese finance website Sina described the event with the introduction of the full details of the plans in a white paper by China Telecom. According to Sina:
“The white paper describes a blockchain application ecosystem created by China Telecom, which uses the unique decentralization technology to lead the new revolution in the digital economy, providing a more secure hardware infrastructure for 5G mobile phones, making 5G mobile phones gradually become decentralized computing and data. The nodes form a new value transmission network that shapes the mobile phone using a secure ecosystem”.
The First Blockchain of its Kind
The paper further went to describe the blockchain as being able to run and execute Ethereum ERC 20 compatible tokens which can execute smart contracts in real-time. Each mobile phone connected to the blockchain will serve as a node that can settle all kind of transactions within it.
The paper also considered the limitations of hardware and software, looking at how best they can be used optimally. The paper further explained that a 5G SIM card which is the access point for a blockchain ecosystem had already been developed by the Chinese Telecom blockchain and digital economy joint lab.
Key Issues Considered
The paper was broad-reaching and considered a wide variety of factors that must be in place before such technology can be fully operational in times like these. The first of those was the fact that the SIM card is just the first point of entry in the blockchain ecosystem.
The second point considered was the fact that different kinds of hardware and software will be able to access the blockchain. This, of course, comes as a breath of fresh air as most hardware and software manufacturers haven’t been able to fully implement multi-modal blockchain access.
The third point raised was the focus on security. The Lab has already considered switching to the blockchain in real-time without all security concerns handled. With real-time safe mode and artificial intelligence and big-data considerations factored, this blockchain is exactly configured to protect the user.
We all know that the Chinese aren’t exactly keen on cryptocurrencies and blockchain technology, we know that they do want to play big in the 5G space. This is because whoever wins the 5G arms race OWNS the future.
Other Blockchain Phone Technologies Exist but Don’t Quite Cut it
Israeli-based Sirin Labs late last year released the Sirin phone. With all the cool features that any cryptocurrency enthusiast should have, the issue that the phone faced was one: the basic attention paid to it’s token.
With a central focus around its token SRN, the phone has limited applications within the general crypto-space.
Another one that follows in the same vein is the HTC Exodus 1s. This phone was supposed to change the game as regards Bitcoin transactions with full status on the Bitcoin blockchain. There were two major challenges to this goal: space, security and network speed.
The Bitcoin blockchain is very heavy data-wise. Large SD-cards are needed to become active nodes on the blockchain. As regards security, the blockchain keys can be accessed if the phone got stolen physically. Network speed variations on the 4G spectrum will limit the ability of the phone o have full functionality to the blockchain.
The Chinese seem to know what others don’t: to be the future, you have to see it and get there first before anyone else.