Qatar-based telecommunications giant Ooredoo Group has launched a blockchain initiative, English-language local media The Peninsular Qatar reports on March 18.

Per the report, the company already collaborates with entities in the private, public and academic spaces to develop blockchain solutions. Ooredoo Group CEO Sheikh Saud bin Nasser Al Thani is quoted in the article as stating that “blockchain will facilitate new digital business models and revenue in the next five years.”

According to him, blockchain enables organizations to optimize costs and enhance efficiency, transparency and trust while allowing secure digital payments. The article’s author cites the use of smart contracts for title, deed and facilities management, product tracking and bank cross-border settlements as possible applications.

Lastly, the company reportedly aims to combine blockchain with its 5G, cloud and Internet of Things infrastructure, but the article does not specify how. CrunchBase data reveals that Ooredoo Group, one of the world’s largest telecommunications companies, has an annual revenue of $8.2 billion.

As Cointelegraph reported in February, Spain’s biggest multinational telecommunications company, Telefonica, has partnered with Microsoft to expand its digital innovation using both blockchain and artificial intelligence.

Another international giant, the world’s tenth biggest company and Chinese insurance giant Ping An, has recently partnered with Ethereum (ETH)-based decentralized artificial intelligence startup SingularityNET.