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Lawrence Perez, Director - Information Security, American TowerBlockchain has the potential to transform the telecom industry, unraveling newer methods for successfully uplifting the sector
Blockchain has the potential to transform the telecom industry, unraveling newer methods for successfully uplifting the sector
The telecom industry has often faced the need for innovation in the competitive market while making systems efficient and affordable all at the same time. An ideal solution to this recurring challenge is nothing but blockchain technology. The features like the tight grasp on the data have already proven its efficacy in many applications within the industry landscape. Some critical blockchain applications in the telecom industry are the automation of many internal operations like billing systems, roaming, and supply chain management. Few advantages of the technology in the telecom industry landscape are listed below
Blockchain allows telecom companies to provide micropayments, as the service deployed needs no bank account details, credit card info or any other personal documents to be provided for the third party applications.
Customer-To-Customer Money Transfers:
Money transfer is the most significant application of blockchain and has been the infrastructure behind cryptocurrencies. The adoption of this feature by the telecom industry will enable users to transfer money to other customers directly, but, the adoption is still in theoretical figures.
Blockchain technology offers reliability and a peaked level of security, and digital ID verifications are the highlight of its application by the telecom companies. Identity verification technologies at present cost companies billions each year, blockchain solutions will solve this predicament effectively by deploying much cheaper and secure identity verification systems.
With the deployment of blockchain technology, telecom companies can utilize the data generated by millions of users in many avenues. Online advertising management is one of the most significant applications of the data and technology at present.
The online advertising market at present is an inefficient one, allowing the telecom industry to step in and present the blockchain technology to offer a better setting for both advertisers and users alike. With blockchain technology, advertisers can penetrate easily, and users are presented with options for deciding how and when their data is used.
The blockchain technology is relatively the new option with so much potential, which is unravelling with each day. With blockchain technology, the world now is equipped with an extraordinary tool that can be used in many ways — the room for exploring so far and finding new opportunities in vast and unending.
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