As blockchain technology has become mainstream in recent years, it is changing the world completely. A great achievement has been achieved in many fields, especially the financial sector. Telecom is one of the most talked about areas of blockchain technology today.
In the new era of 5G mainstreaming, Let us here check out the top 5 trending Blockchain Use cases in telecom industry. making it competitive for the sector. To become on the front line and user-friendly, many companies are looking for new technologies to help revitalize and future-proof their business; Preparing them for the inevitable obstacles ahead.
The Telecom industry decided to enter the 5G era bringing the next wave of disruption to the industry, more innovatively. For that organizations need to focus on continued innovation to remain relevant and competitive in this sector. That is why telecom decides to put it in the hands of blockchain technology.
5 Blockchain's Use Cases in Telecom industry that are key to implementing these innovative policies to enter the 5G era.
What is telecom trying to bring to the people through 5G using blockchain technology?
In carving the future 5G.
Securing customer identities.
Automation of data roaming.
Construct easy MNP (Mobile Number Portability).
A large percentage of the devices that we use today are IoT devices. So, connectivity is the main issue. That's why the concept of 5G arises. The 5G will allow the devices to connect instantly and frictionlessly without any suffering from current latency issues.
How do we implement these innovative ideas through blockchain? Here a blockchain-based solution can help you by creating a smart contract. It can make the provisioning between networks and the end user seamless. By enforcing dynamic rules and contracts over these networks, blockchain can also release discounted rates for better connections.
There are also some security concerns surrounding 5G. To secure your data received on connected devices must be trusted and free from tampering. To help 5G reach its full potential and protect against large-scale security breaches, blockchain can ensure data transfer is non-disruptive, decentralized, and verified in real time.
Every user registering for the first time with a telecom company has to go through a sign-up process. In that process, your personal or sensitive data is required to create an account. Data stored in another third-party storage is a big risk. However, customer information can be placed at risk of inefficient management, fraud, or hacks.
Hacks and attacks are happening every time, but each telecom company is focused on how to overcome this menace with 5G. This is where innovative blocking technology comes in.
With high security, the customer identities are stored in a decentralized and tamper-proof ledger rather than being stored with a third party. It is also a technology that is inherently based on cryptography. It enables providers to increase security and reduce legal costs and brand damage associated with data breaches.
The next obvious use case in telecom is related to roaming and settlement. What bothers consumers is the roaming charges. Of course, yes, many intermediaries are involved in making sure mobile/data networks are accessible if you are traveling outside the country. It's inefficient, expensive, and gives the customer an inconvenient user experience. Moreover, any issue that arises from the settlement of bills or unexpected charges while using roaming can often take months to weeks to resolve.
It can easily be overcome using blockchain technology because the theory of blockchain methodology is to avoid intermediaries by converting any centralized technology into a decentralized one. Using this technology telecom providers can create smart contracts that are executed without human intervention, making for a seamless automated experience.
Service Level Agreements In short SLAs are critical to the telecom sector, but their monitoring is often inefficient and subject to delays and disputes. Many telecom organizations are investing in the automation of SLAs to solve this problem, although this can involve manual processes. Hence they become inefficient and do not meet the requirements.
Blockchain smart contracts can overcome all these issues. And many companies are using smart contracts to clarify the conditions of SLAs and to make monitoring more transparent.
Mobile Number Portability or MNP has been available to consumers for quite some time and is a service that is often fraught with difficulties and delays. This is usually a disconnect between providers who hold or need additional information to complete the transfer. This can lead to frustration for customers and delayed onboarding for service providers.
Smart contracts can automate SLA monitoring and resolve roaming disputes, as well as accelerate the MNP process. Blockchain can act as a network to allow all providers to access the same information.
Like other industries, blockchain technology Telecom industry is revolutionizing the too. It provides automation, efficiency, MNP, supporting SLAs, etc. These are the use cases that scratch the surface of blockchain applications for Telecom.