Blockchain has the potential to significantly transform and improve operations in the telecom industry. It can strengthen network infrastructure by providing a secure and decentralized platform. All data transactions would be cryptographically sealed, improving data security, integrity, and preventing tampering. Settlements and issue resolutions between partners could also be done in real-time through the distributed ledger. Blockchain implementations like smart contracts and document verification systems could further automate processes and simplify KYC procedures in the telecom industry. Widespread adoption of private blockchain networks would allow greater transparency, collaboration and faster validation of data among telecom industry participants.
2. INTRODUCTION
Blockchain Technology is the most hyped and widely discussed topic of today. The technological
innovation soon got popularity among the tech enthusiasts and business operators for its value
propositions like decentralized database, data immutability, timestamping, cryptographic sealing,
transparency, auditability, and many others.
Leaving an audit trail for every transaction made between two parties or more, make the blockchain
applications robust and secure for any high level conducts. The confidentiality and processing
performances make blockchain a viable alternative for many centralized systems of today like Banking,
Telecom, Health, Automobiles, say even Defense and Security wing. Today with no disparity of
characteristics and complexities, blockchain technology is widely and intrinsically adopted among
different business verticals.
If you are new to blockchain and curious what centers it all about read our previous blog: What is
blockchain and Future of blockchain technology
3. If you wonder how this new technology got so much fanfare, here is the illustration of blockchain’s key
characteristics that make it highly potential for any business use.
4. Apart from the illustration, there are endless characteristics that rate blockchain implementation for
business. With many use cases in the display, it is pretty confident many enterprises that, with
blockchain, they can progressively walk ahead and disrupt current business models.
How?
With distributed ledger in place, the database is no more centralized. The information stored within the
network is shared across millions of computers( individuals) connected to the network. Every
transaction happening within a timeframe is validated and cryptographically sealed by the participants
making it hard to tamper. Moreover, the information stored within the blockchain network can be kept
both public and private(restricted ) ensuring transparency and security of operations.
To be frank, there is the least relevance today in titling blockchain technology or blockchain applications
as young and evolving as they are very well established in their niche markets say document verification,
waste management, health or any other. With so many successful stories to review around, it is
accredited that Blockchain Technology truly keeps the potential to transform and evolve business
operation with industry-wide standards.
5. This article tries to disrupt how blockchain in telecom reflect.
Much like any other business model, blockchain in telecom also should take the time to investigate how
blockchain applications can disrupt the core and adjacent business operations and business functions of
the telecom industry. Giving the telecom industry full support and confidence in adopting blockchain,
many market research companies have come up with factual insights that blockchain in telecom market
can scale the business revenue from USD 46.6 million ( current estimation) to USD 993.8 million by 2023.
The compound annual growth rate is 84.4%, amusing everyone in the market.
Fintech is considered to be the first of its kind to implement blockchain in the telecom market. However,
today many enterprises after understanding its significance and potential, is keenly interested to adopt
blockchain technology in varied industry platforms, particularly in the telecom, supply chain and IoT
business.
6. Coming to the telecommunications industry, blockchain can indeed showcase much magic, right from
bringing value to Telco Value Chain. Blockchain can strengthen the network infrastructure of the
telecommunication industry by providing a decentralized yet secure platform. Being cryptographically
sealed every piece of data, the industry is totally freed from concerns of data security, data integrity, data
inspection, nevertheless the data tampering.
As every transaction conducted is timestamped and real-time reported to participants. Thus it becomes
highly impossible for any to tamper or alter the information already stored in the network. Any alterations
to be made demands an entire restructuring of the network as data are stored in the form of blocks and
each block is connected to its previous one.
Therefore, any attempt to change is automatically reported to millions of participants within the
network. And moreover, to change it demands the permission of every participant involved in it, which is
quite impossible. Further, the consensus protocol of validation makes blockchain immensely stronger and
impervious to tampering.
7. The smart contract, most sparkling feature of blockchain makes sure nothing is attempted beyond its
consensus.
Therefore, implementing blockchain technology in telecom improvise and upgrades connectivity for
telecom data, voice, media and other related services.
8. Every exchange or transaction between networks calls for higher-level approval and validation
remarking transparency and trustiness in operations.
Here are the core operations of telecom, where blockchain can bring immense transformations and
qualitative changes:
In nutshell, the blockchain technology in telecom industry keeps the potentiality to simplify all the
business processes associated with the place. The distributed ledger technology with its value propositions
and characteristics, make the telecom operations more secure, transparent and efficient.
If we take the current scenario into play, it is quite evident that the telecom industry is taking much
time in resolving things at their workplace. For instance, the industry is seen taking much amount of time
in making a settlement with the partners. Further, depending on the complexity of the problem the
resolution timelines eventually goes up, say amounting to a time period of month or more.
This, in contrast, make a great impact on the telecom business in terms of reaping revenue and
business returns. However, with blockchain, every business process gets streamlined and simplified with
real-time views
9. Every transaction made between a partner or customer is real-time viewed by others, making
resolutions and settlements faster. With no interplay of third party or middle-men, the issues get
addressed and resolved with blockchain in telecom. This indeed helps telecom industry with faster
identification, quick resolutions and reduced disputes among parties.
The telecom industry can also automate their service-level agreement (SLA ) documents via infusing
Blockchain Smart Contracts in place. The self-fulfilling agreements that work on predefined conditions,
help the telecom industry by proving real-time view to all the stakeholders with threshold breaches.
Topping more, with blockchain’s property of quick identification the telecom industry can smarten
and simply their KYC procedures. Blockchain Document Verification Systems can quicken the process of
digital identity sharing of any forms such as passports, driving license, certificates and others. The
document verification in any industry or enterprise can be simplified and authenticated by Blockchain.
10. Blockchain’s decentralized ledger architecture allows safe storage of any digital documents with
complete control remaining with the individual.
Last but not least, via adopting blockchain in telecom industry, the enterprise can enhance better
work environment via an improved collaboration of participants. Blockchain can bring together all the
participants under one roof enhancing greater collaboration and transparency in between. To further
strengthen the transactions, the blockchain network can be made private, giving a permit to only those
who have the invitation to access.
Via going for permissioned blockchain networks, the telecom industry can truly enhance their B2B
models, bringing multiple benefits to the enterprise. Infusion of private blockchain for telecom industry
can fasten their operation via quick identification and validation of data stored in blocks.
11. Click here to read more about : Benefits of Blockchain for Universities
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