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
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.
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.
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.
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.
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.
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. 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. 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.
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.