On the worldwide scene, cryptocurrency is making waves. It has reached different industries and many are already jumping and adopting crypto in their organisations. One industry that is getting fond of crypto is the telecommunication industry, especially in its blockchain technology.
Now, you’re probably wondering why telecom companies are investing in this booming technology. Let’s have a look at how this technology is used and how it functions.
Blockchain Technology
In its most basic form, a Blockchain is a decentralised, peer-to-peer (P2P) digital blockchain that records transactions online and functions without requiring any intermediaries. It keeps a record of all transactions in a private and systematic way, ensuring safety and assurance. Blockchain technology has attracted interest thanks to its ability to provide decentralisation, advancement, and reliability. Aside from that, the validation, acknowledgement, and confirmation procedures in Blockchain are simple.
Telecoms Making Waves
Surprisingly, how the phone links people haven’t altered greatly in recent years. What has completely evolved is how we consume internet data. 5G, which is already being put to the test, would support higher bandwidth, reduced organisation latency, and a massive method for connecting devices.
There are significant problems in the telecom industry. Despite the fact that the telecom industry has changed drastically over the years, both distributors and sponsors still experience difficulties such as roaming, cost increase, defamation, security concerns, etc. They depend on a combination of fully automated and manual frameworks between carrier transfers, which makes the strategy for working jointly unreliable, inefficient, and costly. Following the speculations of plausible solutions, decentralisation, one of the basic components of Blockchain, could remedy such problems.
Blockchain: Use-Cases in Telecom Issues
Blockchain is evolving as a progressive technology that can address most of the current problems in the telecommunication sector, bringing in a modern age of productivity, accessibility, and privacy.
In fact, there are existing telecommunication companies that utilise crypto in their industry. AT&T, one of the biggest and leading telecoms globally, has already joined the bandwagon. It has influenced and driven trustworthy crypto platforms such as BitiQ App to colaborate with companies in the indurstry. These platforms help telecom consumers have first-hand experience in faster and more transparent trading. The BitiQ site shares insights about ActivatingATT on their website. Investors, either rookies or veterans, will also be linked to top brokers who will act as their guide and support system in having safe and secure crypto trading. Since it is curated specifically for the telecommunication sector, the consumers of both the unique platforms and certain telecom will benefit through speedy money transactions, data transferring, etc.
This innovation is modifying telecom for the better because it can fully utilise monetary payments and fraud remedies. In the telecom industry, we should look into crypto blockchain use-cases.
Agreements and Roaming
As previously said, one of the main concerns is roaming, as third parties are required to coordinate roaming associate settlements, which can take up to 2 months to complete. This cycle also leads to manual errors, forgeries, a lack of accountability, and other disadvantages. These interactions can be organised with the help of smart contracts. By eliminating outside intermediaries and regulating agreements through continuous updates to end clients, the smart contracts on the blockchain organisation may ensure the agreement between the people involved.
Identity Theft Prevention and Relief
Profile management and theft mitigation in the telecom industry is another essential issue, given that many outsider specialists handle the storing of profile records, increasing the chances of abuse and leakage. Blockchain can resolve these difficulties by enabling decentralised capacity while retaining total authority in the hands of data proprietors. Its constant feature will aid in not only reducing impersonation but also controlling the volume of phoney reports.
Mobile Number Portability (MNP)
Assuming that you have at any point gone through the MNP interaction, you know how long and tiresome it is. The reason for the long process is mostly due to a lack of information among administrators and the assumption of sporadic updates from the main data set. Blockchain has the potential to simplify this complicated process by providing a unified view for all specialised founders to survey and act on MNP requests. As all specialised organisations approach the necessary data, the distributed database will assist in reducing frustration. Mobile Number Portability can thus be completed in a snap rather than taking too much time.
Conclusion
Blockchain is here to stay, as seen by the fast acceptance and dissemination of this technology by major telecom organisations. Blockchain is seen to have the ability to restore and regenerate almost any sector.
Because of Blockchain’s genuine significance, various telecom companies are incorporating it into their business. Either track data gathered by many organisations while directing international calls on the unwavering quality and transparency of gathered data or bring clarity and proficiency to changing procedures. Other notable telecom companies are also using Blockchain to allow payment systems for entertainment, mobile gaming, and other services. In conclusion, we can assume that this booming technology is pushing the rest of the world into the future and that there is still vast room for upcoming advancement.
