Thailand NTT Communications has set its plan to launch an “innovation lab” to develop Internet of Things (IoT), artificial intelligence (AI) and blockchain-based solutions.

NTT Communications Thailand, the wholly-owned subsidiary of NTT Communications Group, is led by giant Nippon Telegraph and Telephone (NTT) Corporation. NTT Corporation is known as one of the world’s largest telecoms companies.

According to the report by the Bangkok Post, NTT Communications plans to introduce its “innovation lab” by the second quarter of 2019 at Bangkok 2 Data Centre in Amata Industrial Estate. The addition of the new lab also comes ahead of its existing 500 million baht (15.6 million) investment.

NTT Communications Thailand aims at providing blockchain solutions to solve  financial and insurance problems. In addition, the innovation lab will also present as a way for smart factories to have “preventive maintenance”.

The company reportedly planned to expand its business scale by 30% by the year 2021. The expansion hopes to meet the demands of cloud service providers, financial institutions, and cybersecurity providers.

Manabu Kahara – president of NTT Communications shared that the upcoming lab will allow their customers “to do proof-of-concept, development for disruptive technologies such as blockchain, IoT, AI, hybrid cloud and software-defined networks.”

The development for blockchain is now widely seen in many telecom firms. Earlier in April, South Korea’s largest telecom company KT Corporation has officially introduced blockchain technology fifth-generation cellular networks (5G) to prevent cyber attacks.