The Blockchain is increasingly drawing interest from a number of quarters. Recently the European telecommunications standards institute (ETSI) has thrown its hat into the ring.
The European telecommunications body has set up an industry-specific group that will look into the Blockchain in order to explore its viability and potential as they seek to use the technology to better their operations.
The ETSI, which is made of notable founding members in the telecommunications world such as Huawei, Erickson, Intel, Telefonica, and Vodafone, is specifically interested in the use of permissioned distributed ledgers.
The group will pay attention to the challenges of applying permissioned distributed ledgers in business applications. The ETSI hopes to develop industry standards when it comes to the application of decentralized technology as well as APIs/Protocols and information models.
If the efforts of the group bear fruits, then they will have addressed one of the biggest challenges of using decentralized technologies during cross-business settings. If they can find a way to standardize workflows and processes in a way that works for all, then a lot will have been solved.
The ETSI will have a progress report meeting for the project which will be held at Telefonica, Madrid. The meeting will be centered on the discussion about the project priorities and elect representatives from each of the companies that will be in attendance.
The ETSI is not the first telecommunications outfit to express interest in Blockchain tech, British telecom regulator, Ofcom, announced earlier this year, that it would be exploring the Blockchain in order to manage the country’s telephone number database.
