Microsoft, an American multinational tech firm and Spain’s biggest multinational telecommunications company, Telefonica has collaborated to work on Blockchain innovation. With this partnership, Telefonica will utilize Microsoft’s Blockchain, Artificial Intelligence, and Azure platform to expand its new services to the telecoms industry. As Telefonica has sealed several Blockchain-related partnerships in recent months, this deal appeared at the ongoing World Mobile Congress in Barcelona.
According to the reports, Microsoft CEO Satya Nadella commented on this partnership that they will deploy the power of Azure and Azure AI to develop new, innovative experiences for a huge number of Telefonica customers globally and structure the future of Telefonica’s network. The scope of the alliance is noticeably broad, and the company said, it will comprise technological improvements based on customers, and developing upon earlier work performed by both companies. Moreover, Chairman and CEO of Telefonica, Jose Maria Alvarez-Pallete stated that his company is already utilizing Artificial Intelligence technologies to improve their relationships with customers and really thrilled to work with Microsoft to further harness the power of Azure AI. This partnership agreement will fortify both companies’ relationship and their common belief that AI technology and the utilization of data should be based on concrete ethical principles and enable customers to control their digital lives.
Headquartered in Madrid, Spain, Telefonica said earlier this month that the company was looking for Blockchain and AI entrepreneurs as part of a financing initiative to support the emerging industries. While the rising demand of Blockchain technologies among the industries progressively mounting, the value of Blockchain in the global telecommunications space is predicted to worth USD1 billion by 2023.