Telecom Giant KDDI Joins Enterprise Ethereum Alliance

Japanese telecommunications conglomerate KDDI Corporation has joined the Enterprise Ethereum Alliance.

KDDI, which is ranked number 219 on the Fortune Global 500 list, also revealed it is working with Japanese startup Couger on a smart contracts proof-of-concept built using technology developed through the enterprise-focused ethereum consortium. KDDI's work with blockchain will also see it partnering with blockchain startup Trident-Arts and legal tech firm Kentauros Works.

The telco is the latest major corporation to join the Alliance, which launched in February with the backing of companies like BP, JPMorgan Chase and Microsoft, among others.

In particular, KDDI indicated that it plans to test how blockchain-based smart contracts – self-executing pieces of code triggered when certain conditions are met – can be used for facilitating payments between companies.

The firm explained:

"This proof-of-concept will extend beyond blockchains utilized by existing business and will validate business and technical issues and benefits for (a) Open services built on platforms such as the Ethereum and includes non-financial interactions, and (b) Smart Contracts for coordination with partner company services."

Testing will also include possible applications for mobile phone repair services. A smart contract will be used to determine how much the phone would cost to repair, how much the phone costs on the used market and whether there are any other factors that would be accounted for in the cost.

KDDI further plans to explore how artificial intelligence and connected devices (IoT), among other technologies, could aid in the development of a "next generation service platform," according to the press release.

Workmen image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Nikhilesh De

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.