Blockchain Technology A Game Changer For Telecom Industry
Blockchain
16Jul 2020
Blockchain was initially launched to the tech market as an approach to oversee and ensure the Bitcoin and other virtual or computerized currencies. Just a couple of years later, the blockchain technology had various applications in telecommunications, land, and the medical sector.
Too many people mistake blockchain as cryptocurrency itself, which is wrong. Hence, we have to establish that blockchain is not a cryptocurrency in itself initially. Instead, it is an innovation that operates cryptocurrency or online ledger.
Blockchain technology is basically a set of distributed record technologies that are designed to record and track any significant data from monetary transactions to clinical records and assets ownership.
Blockchain stores the records of the authentic ownership of a thing as well as its roots. For instance, before purchasing a semi-precious stone, buyers will be enabled to track their past ownership, right to where it got extracted, which influences the pricing of any property.
Concerning the medical sector, blockchain technology initial application that crosses the mind is monitoring the patient’s clinical history. However, it can also apply to the expert history of the specialists themselves.
Blockchain application in Telecom Sector:
One of the difficulties that telecom organizations face is the need to advance in a very cut-throat market, while reducing costs at the same time to provide their services at a reasonable value.
Blockchain tech is providing the telecom business the ideal answer to one of its core necessities. With such a reliable and secure grip on the information, the blockchain technology is as of now, utilized in various applications in the telecom sector.
Holding the past information of clients with no possibility of those records being meddled with, makes it convenient to oversee different aspects of the clients’ files. A portion of the blockchain applications in the telecom sector comprises automation of many internal activities like charging frameworks, roaming, and supply chain management.
Robotizing the billing frameworks utilizing the smart agreements that blockchain technology offers spares the organization a lot of time, cash and prevents chances of scams. Subsequently, the complete process of book-keeping and examining will be robotized, which will set aside more money for the telecom organizations.
Fostering new digital services using blockchain
The blockchain tech yet has a considerable amount of potential to offer to the telecom sector. A heap of blockchain-based services can make new income sources for telecom businesses. Even though these services are not totally discovered yet, there are some as of now clear enough to perform on an enormous level.
Micropayments
For instance, the reduced cost of utilizing blockchain for cheap installments can empower telecom businesses to give smaller-scale installments that are normally used to buy online mobile games, music, etc. Because of providing these services, no bank account information, credit card details, or any such dubious or critical information will be needed to be given to the third-party applications. In other words, the security of the blockchain applications in the telecom sector will provide a much higher security level for telecom clients.
User-to-user money transfer:
Another application for the blockchain technology is cash transfer. It might appear fairly obvious since blockchain moved from being just a hypothesis to real-world applications through the cryptocurrency. Yet, numerous telecom businesses are to apply this idea to allow its clients to transfer cash to different clients using blockchain-based assistance.
Identity confirmation:
No doubt, since blockchain tech provides a dependable and substantial degree of security, digital ID confirmation will be its topmost significant application in the telecom sector. This will be more essential in the future as the telecom organizations begin to provide blockchain tech in all the monetary aspects of its clients’ needs. The businesses are spending billions of dollars in identity confirmation technologies. New companies like Civic are now providing a less expensive and more reliable identity confirmation framework based on blockchain tech.
Digital Ad Management:
Telecom organizations, as of now, have information from a large number of clients. With the blockchain tech application, these organizations will have the option to use this unmeasurable source of information in the digital ad industry in a superior manner than what it is at present.
The digital advertising market at present is highly inefficient, which makes it the ideal condition for telecom businesses to step in and utilize blockchain applications to render a superior marketplace for both marketers and clients alike. The blockchain tech enables marketers to get better leads, and clients can choose how and when their information will get utilized in the advertising market.
Final words:
Back in the 1990s, when blockchain technology was first introduced as a concept, it was supposed to deliver a secure way of notary and agreement framing. However, it was successful in offering the thing that the whole world desired the most. That not only refers to the telecom business, it is providing such a high platform that no other innovation was able to reach earlier.
The concept of having an information-storing and tracking method is resistant to manipulation or hacking makes its applications infinite in every market that needs security.
It is very noticeable that a large portion of the applications for the blockchain technology in the telecom industry is monetary somehow. It is enabling financial transactions and transfers via the blockchain technology guarantees to take the telecom businesses to a future where these organizations are entirely working banks at the reduced costs. This part will be backed up by the fact that telecom is a business that has a substantial level of trust from its clients. The use of blockchain-based applications will utilize this trust and raise it simultaneously.
The blockchain innovation is yet considered moderately new. Thus, it has an unraveling amount of potential that is still to get discovered. With blockchain technology, the world is now in the period of having this novel tool to get utilized in a vast number of ways that nobody truly knows. There is such a vast amount of space for exploring and seeking new opportunities.
Harnil Oza is the CEO & Founder of Hyperlink InfoSystem. With a passion for technology and an immaculate drive for entrepreneurship, Harnil has propelled Hyperlink InfoSystem to become a global pioneer in the world of innovative IT solutions. His exceptional leadership has inspired a multiverse of tech enthusiasts and also enabled thriving business expansion. His vision has helped the company achieve widespread respect for its remarkable track record of delivering beautifully constructed mobile apps, websites, and other products using every emerging technology. Outside his duties at Hyperlink InfoSystem, Harnil has earned a reputation for his conceptual leadership and initiatives in the tech industry. He is driven to impart expertise and insights to the forthcoming cohort of tech innovators. Harnil continues to champion growth, quality, and client satisfaction by fostering innovation and collaboration.
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