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.
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.
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.