The white paper mentions about keeping trace of one’s digital assets “regardless of data volume, data varieties and data dimensions, data assets will grow geometrically.” The document also highlights the potentialities of using blockchain-powered smartphones to trace one’s transactions transparently.
China Telecom aims to fix the issue of anti-theft and anti-loss “to create blacklists associated with trusted IMEIs and encrypt it through blockchain.”
Fusing Blockchain and 5G
Users, carriers, smartphone suppliers will be able to identify and disable the stolen the device through the use of the technology.
The white paper lists out “five major application scenarios”:-
- identity verification,
- financial application,
- supply chain tracing application,
- judicial application
- express delivery system.
“The combination of 5G and blockchain technology has the potential to unleash a surge of economic value. In order to understand this connection between 5G and blockchain, one must think of the relationship as multifold. The power of 5G coverage through its reduced latency, high speeds and capacity allow for IoT devices to become widely used. Simultaneously, these devices can leverage the security, decentralization, immutability and consensus arbitration of blockchains as foundational layers.
However, the white paper also warns that mass adoption of blockchain-powered smartphones are low as we have still not yet reached the stage.
Blockchain-powered smartphones were used mainly to “speculate the market hotspots”, in lieu of bringing real the power to the industry. This has resulted in an inferior performance of existing blockchain smartphones.