Blockchain technology continues to provide solutions for several applications, industries, and fields associated with everyday use. It has powered banks, educational institutions, cargo shipments, supply chain management, cryptocurrency projects, and even telecommunications.
Speaking of telecommunications, the latest company in the sector that has embraced the use of blockchain is Ooredoo, which is a Qatar-based firm that is known around the planet. According to English-speaking local publication The Peninsular Qatar, Ooredoo has already launched its blockchain project.
Facilitating New Digital Business Models
The report states that Ooredoo will provide its services as collaboration with private and public entities in academic spaces with the intention of developing blockchain solutions. According to the company’s CEO Saud Bin Nasser Al Thani, “blockchain will facilitate new digital business models and revenue in the next five years.”
Saud Bin Nasser Al Thani observes that the blockchain technology offers the perfect conditions to let companies and organizations in general optimize costs and boost general efficiency, adding a trust element that fosters secure digital payments and transactions.
The report explains that smart contracts can be used for specific stages and processes in Ooredoo; for instance, product and item tracking, cross-border settlements, title, deed, and facilities management, among others.
Another one of Ooredoo’s objectives with its latest blockchain initiative is combining the innovative technology with its existing 5G, cloud and IoT (Internet of Things) ecosystem and infrastructure. The company certainly has the goods and resources to pull its plans off, as it has a yearly revenue of over $8 billion.
Other Examples in the Industry
The company’s blockchain initiative is, according to the local report, gathering subject matter experts from across the business’ global footprint and business units, “including small- and medium-sized businesses, commercial, digital, and legal.”
Ooredoo is not the first telecom business firm that uses the blockchain technology to improve overall efficiency. For example, Spanish telecommunications giant Telefonica formed an alliance with Microsoft in February to broaden its digital innovation by virtue of the use of AI (artificial intelligence) and blockchain.
Ping An, a Chinese insurance powerhouse, is another recent example of the ongoing trend of looking at outside-the-box models and solutions to obtain a competitive edge. The firm recently established commercial alliances with SingularityNET, an Ethereum-based decentralized AI startup
Ooredoo, a Market Leader in the Arabic Region
Ooredoo QSC is a prominent telecommunications business with headquarters in Doha, Qatar, and offices in several Arabic countries such as Algeria, Iraq, Kuwait, Oman, Palestine, Qatar and Tunisia, and other nations like Indonesia, Myanmar, and Maldives.
The firm offers mobile and wireless devices, as well as other items and content services in telecommunication markets, including products for businesses and for residential targets. Ooredoo has more than 114 million customers spread all over the world.
Overall, Ooredoo serves a diverse market that includes North America, Europe, the Middle East, and Asia. The company had a market capitalization of $82.7 billion in 2015 and was founded in Doha, Qatar’s capital city, in 1987.
By Andres Chavez