Deutsche Telekom AG Begins Blockchain Staking

A leading European telecomms company, Deutsche Telekom AG, has begun providing data to Chainlink blockchain. The telecomms company, according to revenue, is the biggest in Europe.

The communications company is also delving further into the blockchain. An arm of the company, Deutsche Telekom AG subsidiary T-Systems Multimedia Solutions (MMS), has begun blockchain staking. It began staking on Flow Network recently, and plans to stake on other blockchains in the future.

Flow Network is a proof-of-stake (PoS) network created by Dapper Labs. It supports apps and games, as well as the digital assets that back them up. Interestingly, Flow is created by the same team that developed CryptoKitties, a popular blockchain-based game.

Deutsche Telekom AG now a DeFi data platform

Deutsche Telekom AG is now a DeFi data provider and has continually shown its support for blockchain tech. The company has graduated from providing the framework for PoS blockchains to the world of cryptocurrencies. It now offers crypto custody and staking services.

Andreas Dittrich, head of the Blockchain Solutions Center at Deutsche Telekom says his company is not new to blockchain. “We started roughly five years ago, like everyone else, doing all those enterprise blockchain proofs of concept,” he explains.

The telecoms company is now focusing more on public blockchains. “This is where digital value will be moved in the future, and it’s really where a telco should be active,” Dittrich shares. Most telecommunication companies are usually involved in enterprise blockchains or just use it as part of their services.

T-Systems MMS last year revealed that it was going to commence running a Chainlink node. This was the same period when LINK witnessed an impressive price rally. Its parent company, Deutsche Telekom AG, is now one of the top three data providers for Chainlink.

Chainlink is an innovative data Oracle that peers a number if DeFi platforms including Aave, Synthetix, and Celsius. The platform uses data feeds, which are dubbed “oracles” to provide smart contract data. These feeds make it easier to execute contracts and reduce reliance on centralized sources.