Blockchain technology is opening up new areas of innovation for the Telecom industry. From 5G enablement to Identity-as-a-Service, blockchain technology is facilitating new business models, while solving age old challenges around data integrity and centralisation.
Communication Service Providers (CSPs) seeking to enhance data integrity and security are increasingly turning to blockchain solutions to track and secure data across various disparate systems. Decentralized networks paired with cryptographically secured data provides CSPs with a trusted source of immutable data that can be used throughout a company’s operations — from billing systems to identity management.
Automatic execution of transactions via smart contracts on the blockchain help provide a whole new level of efficiency for Telecoms providers. Laborious manual processes in areas such as identity verification, billing of services, and data roaming now benefit from automation and dynamic execution via blockchain technology. Overall, blockchain reduces the need for manual intervention and reduces the reliance on middle-men throughout a CSPs operations. Not only does this result in a better service for customers, but also leads to cost reduction through efficiency gains for the entire industry.
With benefits ranging from security to automation, blockchain for telecom is enhancing traditional operations and enabling new business models.
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