Blockchain as a technology has gained a lot of popularity lately. Across different sectors, companies are trying to find ways to exploit blockchain’s potential in their vertical and enjoy limitless benefits from this state-of-the-art technology. And the telecommunication sector is no exception. Want blockchain training mumbai & Pune, Reach us today at info@techdatasolution.co.in.
If recent reports by market researchers are taken into consideration, a contribution of blockchain in telecommunication sector is estimated to increase from USD 46.6 million in 2018 to USD 993.8 million by 2023, at a growth rate of 84.4%. No doubt, telecom companies across the world are exploring how to make maximum out of blockchain technology.
Why Everyone Is Talking About Blockchain?
The blockchain is a public transaction ledger, reproduced across participants in the network that upholds all the details of transactions taken place between different parties. The details are verified by other participants and cannot be altered. Transaction details are indisputable and it is possible to restrict private or public network. In other words, the advantage of this technology lies in the safety, clarity, and control it offers to the system at every point of a transaction and the opportunity to decrease intermediates.
While players of the financial sector were first to adopt this emerging technology, there are numerous possibilities in almost every sector and especially in the telecom, health and InfoTech industries.
Blockchain and Telecommunication - Value Chain
The telecom value chain includes the establishment of the essential network infrastructure and connectivity for telecommunication related services such as voice, data, and media. The exchange of data between different networks requires security, integrity, and inspection of data, along with fraud prevention. With advance information technology and high-tech computing, a large number of devices are added to the network every day and there is an immediate requirement for device identification and security.
Telecom and Blockchain Possibilities
Important operations of telecommunication industry include management of partners, supply chain, enterprise, and customers to complete contracts, settlements, SLA management etc. Also, in the digital world, the latest business models and system partners are included. Blockchain can assist in simplifying the processes, securing them, make them more clean and efficient and generate new revenue channels by blending them with digital aspects.
How Blockchain Is Good for Telecommunication Industry
The Telecom industry has a complex operations framework. It includes various partners, vendors, customers, distributors, network providers, VAS providers. Running a telecom industry is full of challenges the industry faces challenges like trust issues and transparency challenges due to the involvement of multiple entities. Also, there are no clear mechanisms to track end-to-end activities of every entity.
Internal processes: Blockchain has the potential to streamline the working of the telecom industry. It can be successfully used in processes such as OSS and BSS. Blockchain helps in managing tasks such as Billing and number portability databases can be streamlined using inter-company Blockchain. With the help of the technology, it would become easier to onboard the migrating customers as well. The involved companies have to share a porting request via Blockchain and customers will be ported without any hassle.
Roaming: Roaming, the word literally cribbed the power of mobile phone users and network providers while the user travel. The operators, as well as user have to bear a high cost to enjoy network and receive calls while roaming. But with Blockchain this tough problem can be solved with ease and that too without involving high cost. With the Blockchain technology, it becomes easier to enable user’s dataset across multiple operators in real time and it allows the user to enjoy the call while roaming. Blockchain ensures that user’s data remain safe and protected.
Smart connection: With the help of Blockchain technology, it becomes rather easier to set internet connections between devices. The technology allows devices to get connected through multiple local hot spots or WIFI. The internet connection can be set only after receiving permission and adherence to certain terms and conditions. Blockchain also helps in generating automatic bills.
Smart transactions: With Blockchain it has become easier for buyers to purchase digital assets, including music, mobile games, gift cards and loyalty points with ease.
Mobile money: Mobile money has made simple with Blockchain. It supports cost-effective international remittances across the globe. Telecom operators can become global remittance providers.
Identity management of users: The mobile Operators could develop an identity management tool that is accessible to organizations, devices, and applications via Blockchain technology.
Way Forward: Inter-portability is the need of the time and with Blockchain, solutions could play crucial in enabling interoperability between internal as well as external systems for telecom companies. It will help in curtailing infrastructure as well as compliance cost. It also saves operators from roaming/identity fraud. With the right implementation of Blockchain technology, mobile operators can offer effective and innovative service to users at an affordable cost.
Telecom industry can earn many benefits through Blockchain technology. If you are interested in Blockchain technology or wish to shape your career in telecom industry then it is suggested to join a Blockchain training in Mumbai" & "Blockchain training in Pune and prepare yourself for a thriving career.
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