The Rising Adoption of Blockchain in Telecom Industry
Blockchain is the future for high volume and complicated transaction processing which requires more security as well as transparency. Blockchain links the record by using cryptography which offers more secure and scalable environment by storing subscriber identity information in a safer way. Due to the increasing need within telecom to secure the information stored in an intangible platform, blockchain provides a secure ledger of transaction which will be useful and can enhance the security between multiple parties involved in handling digital assets.
The major reasons include
- Increased security as well as transparency
There are rising concerns of security among telecom operators, blockchain technology increases the security within the contracts by making it impossible for tampering the data by any parties involved in the contracts. The information is incorruptible and irreversible as every record is linked to each other and cannot be altered. Blockchain uses encryption technology which enhances the security.
- New revenue opportunities and optimized costs
Blockchain manages the SLA's and if the mentioned criterias are not matching, its automatically takes the action which creates a significantly smoother process. With the growing trends of IoT, mobile money transfer, and verification services, blockchain can unlock new revenue opportunities like e-services directly linked between customer and service provider and becoming more secure.
- Increasing use of blockchain technology in IoT and 5G implementation
Cloud, IoT, and 5G are expected to be the foundation of new telecom ecosystem. From the performance point of view 5G and IoT requires the need of intelligence or extra calculation power in order to become more relevant. 5G technology is expected to be 10 times faster than 4G which is in use today, this makes the telecom ecosystem much complex and hence there is a need of improved storage capacity and greater calculation power. Blockchain technology will help the telecom companies in enhancing security and streamlining the process during 5G technology implementation.
- Increasing investment in the blockchain
There is a key shift happening in blockchain, where the organizations are now creating actual applications for streamlining the business processes. The technology is gaining wider acceptance and most of the organizations are expected to adopt blockchain in the future. For example: Telstra, BT, Colt, Telefonica, and HGC Global all are conducting trial experiments which uses blockchain for increasing efficiency and reducing costs especially in the process of billing and settlements between two providers.
– Sonam Chawla,