Qatar telecommunications giant Ooredoo has introduced a blockchain initiative, according to a local media report on March 18.

For developing the blockchain solutions, the company worked closely with public, private, and academic sectors. “Blockchain will facilitate new digital business models and revenue in the next five years.” –  stated by Ooredoo Group CEO, Sheikh Saud bin Nasser Al Thani.

The CEO also revealed that this blockchain will help optimize cost, improve efficiency and allow transparent secure digital payments in smart contracts, facilities management, product tracking, and bank cross-border settlements. Ooredoo Group also wants to add 5G, cloud and the Internet of Things to the blockchain.

In February, Telefonica, Spain’s telecommunications global company, had partnered with Microsoft to develop its blockchain and artificial intelligence(AI).

Recently, a renowned Chinese insurance giant, Ping An has recently teamed up with startup SingularityNET for Ethereum (ETH)- based decentralized artificial intelligence (AI), reported by The Crypto Sight on March 19.