Blockchain in Telecom Industry

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Blockchain in Telecom Industry
blockchainexpert.uk
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• 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
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• If you wonder how this new technology got so much
  fanfare, here is the illustration of blockchains
  key characteristics that make it highly potential
  for any business use.

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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.
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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.
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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.
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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.
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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
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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
blockchains 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.
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Blockchains 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.
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Click here to read more about Benefits of
Blockchain for Universities
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