To Explore The Potential Of Blockchain, Multiple Industry Player Come Together To Form ETSI

Blockchain technology is one of the most useful and expansive technologies to be introduced to the world lately. As the industry learns to find methods of applying this fintech to their needs, a group of key players has come together to move along the evolution of it. The group, a combined effort between Ericsson, Huawei, Intel, Telefonica, and Vodafone, calls themselves the European Telecommunications Standards Institute (ETSI), which was reported by The Next Web.

This group aims to understand how blockchain should be used in business, along with the potential challenges of implementing a permissioned distributed ledger. Hopefully, through this information, the ETSI group will be able to determine what the industry standard should be for decentralized technology. These standards will also include information models, interfaces, APIs, and protocols.

Typically, the ability to establish these standardized processes is the biggest challenge in applying centralized technology, considering the need for flexibility between parties. Without this type of balanced set of protocols, the entire system just creates more problems for the individuals involved.

The first meeting of ETSI is planned for January 24th, 2019. It will be held in Telefonica, Madrid, and the scheduled topics include the priorities for this ongoing projects and the election of representatives, which will be drawn from each of the companies included in the group.

Along with ETSI, Ofcom also chose to research blockchain technology for their work as a telecommunications firm. The telecom regulator wants to apply the technology to their available telephone numbers, which are logged in a national database.

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