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Can Blockchain Solve Banking & Telcom Compliance

Blockchain: A Game Changer for Telecom Industry

In the present era, Telecom Industry has become the most complex operational framework engaging different forms of vendors, partners, distributors, network providers, VAS providers, clients, and customers. On the contrary, it is also true that there is a pool of challenges and issues because of the engagement of multiple entities.

So, the bliss of the technology i.e. Blockchain has cured and solved the issues of the banking and telecom industry. Hence, enlighten the below-listed pointers reflecting the same.

  • Internal processes:

When it comes to the occupations like BSS processes (Business Support System) and OSS (Operation Support System) then the number portability databases and billing can be easily be streamlined making use of the blockchain. Thus, all the interest groups could validate the billing hassle-free via intercompany blockchain distributed amid customers, VPMN, VAS providers, HPMN and telecom companies as well. Additionally, a migrating customer can also on-board over the network after receiving a porting request, especially if a receiving operator shares the blockchain to the customer’s operator.

  • Roaming:

The blessing of the invention is that it could easily solve the operator’s older problems in integrating with a high-cost system aiming in rendering an access to the authentication settings. This access is responsible for enabling the roaming call across operators and networks. Moreover, blockchain also helps in enabling the complex datasets across different parties in the shortest duration abreast with trust and security.

  • Smart connection

The gadget’s connection can be served to a pool of the WIFIs and local hotspots depending on the adherence and permission to some terms and conditions. Moreover, automatic generation for payments and billing could also be assisted at an ease.

  • Smart transactions:

Buying and selling of digital assets specifically games, gift cards etc. have become exceptionally easier.

  • Mobile money:

A pocket-friendly international remittance worldwide abreast with a minimal transaction cost has become easy to use via which the telecom operators have also become the global remittance providers.

  • Identity management:

An identity’s management development tools have now become easily accessible to varied companies, gadgets and applications as well.

  • Way Forward:

Blockchain solutions being instrumental have also allowed the interoperability amidst the internal and external systems, especially for varied telecom companies. This practice has fore fronted the cost of compliance and infrastructure as well. Moreover, it also supports the operators from fraud identify and roaming.

No doubt, today, the telecom industry is facing a lot of challenges of eroding margins. Owing to such an issue, there is always a high pressure in cost-cutting practices simultaneously the same time in adopting the innovation in such service. Thus, blockchain is considered as the correct tool in bringing the innovation and efficiency in the services for which it also acts as a watchdog on fraud and malpractices.

Conclusion

The above-listed pointers are powerful in demonstrating the varied ways that the telecom industries can invest in an implementation as well as the development of the goods and services depending on the blockchain technology.

 

How you can earn incentives with your own digital identity?

 

These days, the concept of digital identity is not new on unintroduced. Similarly, Bitcoin established itself via a concept of decentralized digital identity, years ago. Actually, a crucial breakthrough has been taken place by Blockchain technology which is propelling digital identity ahead in the scenario of Self Sovereign Identity that reshapes the decentralized P2P economy’s future.

The emergence of Digital Identity:

  • It’s a storm for the stakeholders who strive their best for it to takes place
  • Increases organization’s efficiency in getting the identity’s assurance
  • Prevention of data breaches abreast with weekly headline news
  • Allows people to decide the data’s distribution

The best part is that people receive all the advantages without relying on the third parties such as Facebook or Google to share and store their data. Moreover, people will be also having their digital identity via fingertips or exactly how they wish?

But a question still arises that what exactly the identity is?

In the industrial era specifically in a digital context it’s a representation of real human relationships but not by social connections. When one thinks in terms of society and decentralized economy things begin in an exciting manner. Moreover, when people become owners of their own data, facts & information then, truly it can be a catalyst to the business’s new sets new ways of interaction.

Why is Digital Identity important?

The challenges of the new digital identity model will only be solved by risk and reputation. Risk will be directly managed by sharing information allowing applying an intelligence layer to the same. On the contrary, when it comes to Reputation, it can also allow the creation of decentralized models in order to establish and generate trust in the economy.

No doubt, the future of digital identity will automatically be a return to the identity as defined by the trust’s web that links all the individuals. Henceforth, in order to comprehend where exactly you are, you prior need to comprehend from where are you coming?

Moreover, it is also true that the society is getting attracted towards the cashless atmosphere via which the initial awe has given a path to the flurry of concerns. To earn incentives going cashless is also one of the best ways.

Advantages of earning incentives while going cashless:

  • Convenience
  • Tracking Spends
  • Discounts
  • Discipline Budget
  • Major Gains
  • Lower Risk

Disadvantages of earning incentives while going cashless:

  • High risk is associated with identity tracks
  • The difficulty for tech-un savvy
  • Losing Phone
  • Overspending

Thus, it is true that there are always some pros and cons associated with something but alas!!! Everything is used accordingly while keeping concerns of all such associated factors in mind.

The same concern is also applicable in earning incentives while going digital or holding digital identity. It all depends on a user that how he makes use of it and in what ways and sense.