It has been reported that according to estimates by China Telecom in 2019, China’s 5G services are expected to have approximately 170 million subscribers by the end of 2020.
However, Wei said that China Telecom expects blockchain to play a crucial role in trusted management, secure interaction, and efficient collaboration among multiple participants of the network and devices.
Wei also stated that blockchain in 5G will introduce social capital in the 5G landscape, as he believes that this will help the industry crowdsource the 5G infrastructure.
Also, he noted that blockchain will help realize 5G resource sharing and usage tracking.
It has been analyzed that China Telecom is also experimenting with blockchain to improve international roaming services.
He sees blockchain as a way to terminate the need for third-parties because if he’s correct, then this could make related services more seamless and convenient.
“Before we could see an efficient integration of blockchain and 5G, there are multiple issues that need to be dealt with blockchain technology. Of those, the legality and security aspects of smart contracts are a major concern.”
“In addition, from a design perspective, smart contracts cannot be repaired or upgraded. Therefore, 5G smart contracts need to formulate standardized solutions for bug fixes and updates.”
Likewise, scalability and interoperability are two hurdles that hinder the integration of these two technologies.
With proper cooperation and experimentation by global institutes, Wei said that users can still incorporate the two technologies, leading to better communication services throughout the world.
Thus, in August 2019, China Telecom published a white paper explaining their idea for 5G blockchain phones.