In a press release issued on Wednesday, AT&T said it will aim to target industries like manufacturing and healthcare with its blockchain services.
Mobile communications mammoth AT&T (NYSE:T) has partnered with tech giants IBM (NYSE:IBM) and Microsoft (NASDAQ:MSFT) on a “suite” of blockchain solutions, the company said in an announcement on Wednesday (September 26).
The company said its blockchain solutions will pair with IBM’s blockchain platform to record data and Microsoft’s Azure technology to build transparency and liability in difficult supply chains.
In the release, AT&T said the goal of its blockchain solutions are to help its customers “solve their complex business problems.”
“Today, businesses are constantly looking to reduce costs, risk and simplify business processes,” AT&T said in its release. “Blockchain creates a shared ecosystem across parties to exchange information in way that is permissioned and highly secure.”
The company said that its suite of blockcahin solutions can be used to track the movement of goods in the manufacturing industry, manage delivery and eliminate waste stock in retail, and ensure healthcare records are secure and up-to-date.
Andy Daudelin, vice president of Alliances Business Development at AT&T Business, commented in the release that there’s more to blockchain than just cryptocurrencies.
“It’s transforming the way many companies conduct business,” he said.”Blockchain improves security and enables better management of transactions through complex processes.”
AT&T’s interest in blockchain is certainly nothing new. The telecommuncations company first filed a patent with the US Patent and Trademark Office (USPTO) in April 2015 for a home subscriber service backed by blockchain. The patent was officially granted in May of last year.
The company through its subsidiary AT&T Mobility also filed a patent for implementing cryptocurrency payments in vehicles in April 2017.
According to AT&T’s announcement, its blockchain solutions are officially on the market as of Wednesday.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.