Telecom owns the future…Blockchain has the potential to make it bright…
Telecom is the industry that keeps the world connected. Unlike only telephone exchange like before, telecom now has collaborated with all the capabilities of the digital age. It stores data of billions of users. However the data storage systems haven’t completely evolved with the cutting edge technologies that are available today.
Blockchain promises a brighter future for telecom by easing and speeding the operations and increasing the security level that it works on.
Deploying the collaboration of state of the art networks with the aid of IoT devices and highly secure technological skills,can entirely change the telecom industry in the way it functions at multiple levels.
Some of the major Issues in Telecom sector in the conventional system
Disorganized data management
Telecom is majorly about data of people. However the storage and maintenance of this is highly cumbersome with the conventional methods. There are also chances of loss or misuse of the data. Hence it becomes very crucial to inculcate the practice of best data management services for telecom.
Security and transparency issues
Telecom industry not just stores the personal information of the customers but at times the operations also involve transfer of money, use of internet data and many other information chunks. Current systems are not capable of providing strongly secure and transparent mechanisms for telecom operations.
Telecom faces a huge competitive market to survive in. Walking with the time is dated, having a future vision and walking ahead of time has become a necessity. With the cutting edge technological aid and constant innovation this can be achieved.
Improper Digital Identity Management
Right from collecting customer identification data and storing it onto the conventional databases is an arduous task. This is the primary operation of the telecom industry and this needs to be the best. However there are digital identity management issues in the current scenarios.
High cost and time involved in auditing
Collection of the data, auditing it and storing it onto secure platforms involves vast verification processes. It may also create a need for third party involvement and outsourcing this task. This creates a lot of cost and time involvement, which is a major loophole.
Partners involved in Smart Contract for Telecom:
Telecom involves collaboration with various sectors as it functions multiple operations at different levels. The partners in the smart contract for telecom include the vendors, customers, distributors, network providers, virtual application service providers,third party organisations, other private/public sectors.
All the telecom processes right from identity management, smart transactions. Mobile money, roaming to other internal operations can run securely with the consensus of the authorized parties in the smart contract.
How Blockchain can help overcome the issues and improvise the system
Large scale automation for internal operations
All the primary internal operations can run smoothly if they are built onto highly capable blockchain technology. Processes like roaming, smart connection, billing can be automated with smart triggers, making the system more reliable.
Huge savings on time and money
The data collection,data storage, data maintenance and security management cost will automatically be reduced , once the telecom operations come on the blockchain.Also less amount will be spent on the accounting and auditing.
The automation process saves a lot of time and money, which can be further used for innovation and research purposes.
New and innovative digital services
Telecom can implement the new era digital services bringing in the innovative work processes. The new digital services would help the telecom industry to generate various revenue streams. It can also step into new markets like online advertising. With the help of blockchain, advertisers can get better leads and customers can decide how and when their information would be used for the same.
Micropayments and money transfer
Micropayments for services like music,mobile games can be implemented without the needs of credit or debit cards. Customer to customer money transfer service can be enabled through secure digital wallets.Some Of the organisation are already using blockchain for fulfilling these purposes.
Digital sharing of content and royalty management
Through telecom, a vast variety of digital sharing can happen. With the help of the internet and IoT, the device operations have become easier and accessible. The royalty management can also become effortless through blockchain.New systems can be created for both businesses and the customers, for data sharing.
Highly secure transactions
More of all, the transactions happening in telecom as well as other major operations like data storage and management, become highly secure as the system is built onto the distributed blockchain ledgers which are immutable.