Qatar Telecommunications Firm Ooredoo Unveils Blockchain Initiative

The Peninsular Qatar, which is domestic English-media outlet, has reported that Ooredoo Group, Qatar-based telecommunications firm, has started a blockchain initiative. The company is already working with institutions in the private, public and academic domains to create blockchain remedies according to the report. Sheik Saud bin Nasser Al Thani, CEO of the Ooredoo Group, states in the document that “blockchain will facilitate new digital business models and revenue over the next five years.”

The author of the article cites the use as possible applications of smart contracts for the management of titles, deeds and facilities, product tracking and bank cross -border settlements. The author of the document mentions the potential applications of smart contracts to be administration of titles, deeds and facilities, goods tracking and cross-border settlements between banks.

Finally, the company allegedly intends to incorporate blockchain with its 5 G framework, cloud and Internet of Things, but the document does not explicitly state how. CrunchBase data shows that Ooredoo Group has $ 8.2 billion in annual revenue.

Notably, Telefonica, Spain’s largest multinational telecommunications firm, has collaborated with Microsoft to broaden its digital innovation through both blockchain and artificial intelligence.

Likewise, Ping An, the tenth largest insurer in the world, based out of China, has joined hands with Ethereum (ETH)-based decentralized artificial intelligence startup SingularityNET.