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To explore the potential of Blockchain, the multisectoral reader meets to form ETSI
Blockchain technology is one of the most useful and expansive technologies to be introduced in the world lately. While the industry learns to find the methods to apply this fintech to their needs, a group of key players has joined to move along the evolution of it. The group, a combined effort between Ericsson, Huawei, Intel, Telefonica and Vodafone, defines 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, together with the potential challenges of implementing an authorized distributed ledger. It is hoped that, 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.
Generally, the ability to establish these standardized processes is the biggest challenge in applying centralized technology, considering the need for flexibility between the parties. Without this kind of balanced set of protocols, the whole system only creates more problems for the people involved.
The first meeting of ETSI is scheduled for January 24thth, 2019. It will be held in Telefonica, Madrid, and the scheduled topics include the priorities for these ongoing projects and the election of representatives, which will be taken from each of the companies included in the group.
Together with ETSI, Ofcom has also chosen to research blockchain technology for their work as a telecommunications company. The telecommunications regulator wants to apply the technology to the available telephone numbers, which are registered in a national database.
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