China Telecom: Blockchain Among The Most Important Components Of 5G
While the world governments are still undergoing a debate about the implementation of fifth-generation telecommunications networks (5G), considering that it’s a one-way deal with China, whether we apply directly with Chinese operators or not, the People’s Republic of China is past 5G, already planning on how to shift the country’s economy from online to offline with the help of blockchain technology.
The technological gap between China and the west, if not the rest of the world is indescribable at best. While we’re trying to transform our economy from physical to digital and by extent online, China has been online for quite some time, and now seeks the next level of communication, which seems digital but offline.
Take a look at Shenzhen. A city that was barely a pile of rice swaps a couple decades ago, where now, even the homeless are accepting donations in digital currency, providing people passing by with a QR code instead of a hat or a jar as you’d see utilized by a native NY beggar.
Still, major economic superpowers such as the United States, Russia, and S. Korea find themselves a couple miles short behind China, but things ain’t so promising for the EU, who used to be the second most influential continent behind the US before the ongoing industrial revolution flipped the tables.
More specifically, the EU has no digital influence whatsoever. We use American and Chinese hardware and software through the entirety of our societies including government administration.
Even our emails rely upon American providers such as Google, Outlook, and Yahoo. Our smart hand-held devices, consumer electronics, and entertainment are also mostly hailing from both the far west and east, making China look not just years ahead, but as the one shapeshifting our own future as well.
Sure, there has been some urgency lately coming from the renewed European Commission on creating a Pan-European payments settlement network that won’t rely upon foreign technologies. Moreover, the European Central Bank (ECB) said that if no EU-based private entity could achieve such standard, the ECB would have to take matters on its own hands.
So, how deep down the rabbit hole is China? Liang Wei, the head of blockchain at China Telecom said that Blockchain is going to be the next focus for 5G operators for a variety of reasons explained during her interview with the Chinese media outlet “Securities Daily”.
In a nutshell, Liang foresees a future where blockchains could run via 5G infrastructure, enabling an off-line intel-exchange system carrying anything between microtransactions and document administration. Obvious facts involving the security of the network, crowdsourcing, and revenue sharing were also mentioned in the interview.
To recap, China is the first country to promote blockchain technology on a gov-level, it has its own national Blockchain Service Network (BSN), and a central bank digital currency led by the People’s Bank of China is in the cooks. China is also the leading player in 5G infrastructure, with no questions asked. Just go ahead and type 5G on Google and count as many ‘Huaweis’ as you can catch.
So can they pull it? Considering the above, I bet they can, and they will do it. It’s just a matter of time, but you should be able to imagine a data distribution network run directly on 5G, essentially bypassing the internet.