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Deutsche Telekom Stakes on Blockchain after Supporting Chainlink

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by John K. Kumi · 3 min read
Deutsche Telekom Stakes on Blockchain after Supporting Chainlink
Photo: Depositphotos

Deutsche Telekom has over the years focused on providing complex infrastructure providing the internet. For this reason, it is not far from its goal to provide infrastructure support to the recipients. 

The largest communication company in Europe by revenue Deutsche Telekom AG (ETR: DTE) has silently begun staking on Dapper Lab’s Flow Network, said to be an ultra-scalable proof-of-Stake blockchain through its subsidiary T-Systems Multimedia Solutions. The company has decided to proceed with staking other chain companies in the future.

Deutsche Telekom is famously known for being one of the key providers of data to Chainlink. Beyond their provision of DeFi data support, the company has also commenced with staking, custody, and crypto reward programs. During the time the DeFi industry had its breakthrough, Deutsche Telekom through T-System had plans to launch Chainlink Node, but it was “a hell of a ride” according to the head of Blockchain Solutions Venter at Deutsche Telekom Andreas Dittrich. 

When talking about the evolution of the company, Dittrich disclosed that they focused on the blockchain proof-of-concept just like everyone else when they started five years ago. Along the line, they realized they were missing out on the public blockchain considering its potential. They were much aware that the digital assets would be moved there in the future, and that is where their attention should be channel to. The switch was not an easy route, as they were venturing into the public blockchain which was something new to them. 

“So, of course, we started small, with few data feeds. But then scaled rapidly, and by now, I think we are among the top three data providers at the moment on the Chainlink network, ” said Dittrich. 

Chainlink is an oracle that provides information to smart contracts to eliminate third parties from the network. Gleb Dudka, an analyst at T-System revealed that the company currently provides 51 data feeds, and as part of its philosophy, they do not handpick applications that enjoy their data feed services. Some of these beneficiaries are Nexus Mutual for Insurance, Synthetics, and a couple of decentralized exchanges. The provided data includes FX rates, asset and commodity prices like Gold and Silver. 

Deutsche Telekom is looking for other candidates for crypto staking, and the most common candidate was speculated to be Ethereum 2.0, the second-largest blockchain behind Bitcoin. However, Dudka revealed that they are not looking at Ethereum 2.0 staking. Dittrich explained that they have some networks on the pipeline.

“The bigger proof-of-stake networks are in there, be that Tezos, Polkadot, Ethereum 2.0, you name it, ” he said.

Deutsche Telekom has over the years focused on providing complex infrastructure providing the internet. For this reason, it is not far from its goal to provide infrastructure support to the recipients. 

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John K. Kumi
Author John K. Kumi

Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.

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