BLOCKCHAIN IS THE HEART OF TELECOMMUNICATIONS NOW: HERE’S HOW YOU CAN FUTURE PROOF YOUR BUSINESS!
What started as a peer-to-peer activity often referred to as Bitcoin disrupted technology with a potential to advance as blockchain. Even today, technology sounds too mysterious. But still, people haven't stopped about it, irrespective of the type of industry. So, how can telecommunications leave behind this growing technology trend?
In fact, this technology is already offering many benefits after the onset of global mobile, Internet of Things, and 5G. It won't be wrong to say that it acts as a catalyst for the next disruption in this sector by providing it with a host of cross-industry applications.
Blockchain technology shows a lot of promise-making it the heart of telecommunications now. But before we get into more details, let's find out why there is so much hype around blockchain.
Why is everyone talking about blockchain technology?
Many organizations like GSMA and ITW GLF-backed communication blockchain networks show a lot of interest in this technology for everyday transactions. The primary reason it's becoming a choice is that it can solve the problem faced by the industry. It allows the industry to create an interoperable ecosystem.
The idea is to bring different data, share it, and achieve the business goals using this emerging technology. Blockchain can quickly help telecom carriers solve the issues related to the processing and clearing of large amounts of data.
The best part of this technology is that you can convey a complex document or agreement into a digital format, thus reducing any disputes related to the settlement process. Also, it allows every party involved to see the data involved in every transaction. So, it will increase the capability of the telecom industry to save time and manual work, which are a part of everyday processes.
But that's not all! There's more!
Since the telecom industry is on the verge of adopting 5G, organizations need to continue staying competitive. Hence, the need for becoming more efficient and customer-friendly is the need of the hour. Clearly, you need specific options to future-proof your business. Here's how blockchain will help the telecom industry grow and increase its revenue stream in the coming years.
Benefits of Blockchain Technology in Telecommunications
It will secure the future of 5G: 5g is an upcoming technology already popular amongst industry leaders and customers alike. If you believe the predictions, almost two-thirds of almost 30 billion connected devices will be IoT devices. Hence 5G will have a role to play. However, to implement this technology, the organizations still need to iron out certain things for its successful implementation.
For instance, if you consider the Access Network Discovery Selection Function. The system is quite prone to delays. Not only that, there are so many issues surrounding provisioning between networks. With a blockchain-based solution, one could provide better connections. Not only that, it can quickly implement the technology safely by making it free from any malintent interventions. All in all, it can help 5G to reach its full potential and protect it against any security failures. Thus, making it tamper-proof while verifying information in real-time.
It will help secure customer information: Every customer goes through a sign-up process when registering with a telecom company. This requires customers to share and upload sensitive information. And there is always a risk of inefficient management, frauds, or hacks. Who can forget the Equifax hack that happened in 2017? Here's how blockchain technology can help avoid such breaches. It can store the customer information in a decentralized tamper-proof ledger. Since it's a technology based on cryptography, it is unhackable to the core. So, the telecom industry can protect its brand image or legal costs against any data breaches easily.
It will help automate data roaming: Data roaming isn't an unusual term for today's customers. However, roaming charges aren't an issue anymore. However, the process takes so much time and thus results in errors, which costs the company its image and a customer. Telecoms can use this technology to create smart contracts that don't need human intervention. It will trigger the settlements in real-time. Thus, provide impeccable roaming efficiencies. So, your customers will benefit from a transparent, automated experience, thus reducing any inefficiency.
It will help streamline the automation of SLAs: SLAs or service level agreements hold a lot of prominence in telecommunications. However, they are quite inefficient or result in delays and disputes. If you create smart contracts using blockchain technology, it can build transparency. In fact, it can help make payments automated, and if the client doesn't use the service for a period, they can quickly receive rebates automatically. Thus, making the entire system efficient.
So, what can you expect in the coming years?
Blockchain technology will help the telecom industry in the following ways:
- It will reduce roaming or settlement errors or frauds.
- Identity management will be easier, giving customers a lot of authority about their sensitive information.
- SLA monitoring will be a lot easier.
- Prevention of phone thefts by integrating SIM technology with Blockchain.
- Mobile number portability will be a lot easier.
While it's still early days, one can't deny the magnitude of its benefits. This will give the telecom industry a chance to make their system more transparent and efficient which has been an issue for decades.
Final Thoughts: Blockchain is here to stay
For most of us, Blockchain means Bitcoins. Well, you can't deny it at all! Bitcoins were the first thing that started the blockchain revolution. This technology is now growing leaps and bounds. And it's now making its presence felt in the telecom industry. It is a shared ledger that companies can replicate across their network. It maintains the transaction details between different parties. It will improve efficiency, transparency, and customer satisfaction in the long run.
Are you using this technology for your organization? Have you thought about it? If not, you must think about this evolving technology and be an early adopter. Trust us. It will help you increase your revenue stream and improve your chances of customer retention tremendously. So, are you all set? If not, start thinking today!
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