Chinese Telecom Giant Preps for Digital Economy Powered by 5G and Blockchain

Chinese telecom giant China Unicom is gearing up for the arrival of the 5G era. As reported by China News Network, the firm’s general manager Chen Xiaotian hopes that the emergence of blockchain, Internet of Things (IOT) and other digital technologies will push China to become a global leader in the field.

Says Xiaotian,

“The advent of the 5G era has brought many disruptive business opportunities to China’s supply chain.”

Last year, Juzix reported that China Unicom’s IoT division and Wanxiang Blockchain announced their partnership through the formation of the IoT and Blockchain Joint Innovation Center.

Present at the signing ceremony, Xie Hongjun, the chief operating officer of PlatON, a high-efficiency, trustless, cryptocurrency computing network, explained why blockchain is an integral part of the 5G rollout.

“When we talk about 5G, we are just talking about a new generation network that is able to transmit data with a much higher speed and lower latency compared to 4G network…

The security issue [within] the connections is one of the most compelling reasons to utilize blockchain because blockchain is designed as a basis for applications that involve in transaction and interaction. Thus, blockchain is the answer to IoT challenges.”

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