Blockchain in the telecom industry is not new. Rather the overall impact the blockchain technology has made on all types of industries and organizations is immense. The telecom industry too can gain extensively as blockchain can bring about major changes for the provider and enterprises working in this field.
One of the biggest features of blockchain is that it is quite cheaper as compared to other technological implementations. Importantly, it also delivers all the necessary aspects including transparency, security, trust, and control across the members who are a part of any transaction process. For the provider in the telecom sector blockchain offers smart contracts that can bring a massive change with the way billing, retailing, wholesaling and service management is conducted.
Blockchain can streamline all these processes as well as the supply chain management. It will ultimately lead to the identification of visiting subscribers, reduction in the number of claims, and the prevention of fraudulent traffic. 36 percent of the surveyed providers are interested in participating actively in blockchain-related solutions.
41 percent of providers surveyed and interested in adopting blockchain in telecom believe that the technology can support their overall enterprise strategy offering accuracy and data quality assurance whereas 46 percent stated that they have already invested in blockchain for developing new models, reported Telecom Reseller. Some of the benefits that the providers can see in this technology include security, business model development to increase profit and revenue and keeping up with the competition.
At the enterprise level, blockchain can benefit by offering flexible contract agreements, new digital services, rapid response to the changes in customer, blockchain payment, services built on blockchain platform for the customers and more.
According to Industry Today, blockchain in telecom is growing at the CAGR of +84% by 2023. The recently conducted market study related to blockchain in the field of telecommunication was aimed at estimating the future growth potential of this market as well as its existing market size.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]