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Blockchain technology has witnessed a steady increase in its utilization; therefore the hype it has created is somewhat justified. While its disruption has been most evident in the banking and finance sector, blockchain is turning out to be a suitable option for industries that would benefit from increased decentralization, transparency, security and privacy.
One such industry that can fully utilize the advantages of blockchain is the telecommunication sector to create an entirely new business model. Telecom industry is constructed on a complex structure which involves many clients, vendors, partners, distributors; therefore, this system has a lot of transparency challenges which needs to be overcome.
Following are a few areas wherein the telecom sector can utilize the blockchain to maximize efficiency and profitability.
1. Secure Network: Blockchain technology provides an immutable, transparent yet secure network that resolves issues regarding user identity and privacy. Since all data on the blockchain is encrypted, it facilitates secure storage for all the confidential data of its customers. Most of the fraudulent activities happen through the misuse of identity, which can be prevented by listing the subscriber data on the blockchain. This technology can also prevent internal data breaches within an organization and also minimizes the probabilities of hacking.
2. Automated Billing: Blockchain-based smart contracts can be used for automating the billing and payment processes of telecom service providers. Telecom operators are served with a dual purpose; firstly telecom operators can maintain a clear record of network usage on blockchain and can also accept payments directly through automated transactions by smart contracts. This makes revenue collection more comfortable and payment processes more convenient for the customers.
3. Mobile Wallets: Digital wallets are now the most adopted mode of payment as it has made transactions seamless, transparent, safe and incredibly convenient. With the increasing demand for mobile payments despite the concerns regarding fraud and cybersecurity, the introduction of blockchain in mobile payments will be a revolution. This peer-to-peer form of a transaction can not only be used to transfer funds between individual users but can also be used by businesses to accept payments of goods and services.
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