Telecom has a complex operational framework that involves many partners, vendors, customers, distributors, network providers; there are many challenges related to tracking activities of all entities, data tampering, and other fraudulent activities.
As far as the telecom industry is concerned, Blockchain Technology can ease out many challenges faced by the telecom industry today, such as:
Challenge- Telecom industry requires third-party authentication which proves to be costly, time taking and tedious.
Solution- The RecordsKeeper blockchain could provide immediate authentication of people and devices, which put blockchain-wielding telecom providers in the place of authentication, and providers for all kinds of third-party services. On RecordsKeeper Public Blockchain verifiable & immutable records of any type of data can be created. Today’s smartphone apps that unlock hotel doors, pay your bus fare and authenticate you toward your bank is just the beginning.
Challenge- Network Complexities related to Roaming.
Solution- Phones roaming on different networks can be seen as “micro contracts”. The Blockchain, already touted as a contract-verification mechanism, can play an essential role when smart agents and IoT devices automatically negotiate with network providers in real-time, saving enormous costs and processing powers for the network providers.
Challenge- Centralised System resulting in One Point Failure.
Solution- Smart contracts over the RecordsKeeper Blockchain can replace sim cards. In such a scenario, a single telecom provider no longer owns the whole value chain. Customers can shift the networks instantly by agreeing to the terms and conditions of the Smart Contracts. Apple and Google are already working on such type of solution to disrupt the market. Moreover, network providers can go with AI to analyze the usage of customers more effectively and create the smart contracts accordingly.
Some other use cases for telecom are 5G enablement and identity management. In 2017, the telecom market was roughly labelled as a 155 billion dollar market worldwide with 10% annual growth and 7% cost of fraud in the total market, which can be reduced by using Blockchain.
The disruption for telecom market is at the horizon. Blockchain and AI will act as the catalyst for the disruption. The Blockchain telecom Market in the USA alone is expected to grow by almost 1 billion dollars by the year 2023. Moreover, Indian telecom giants like JIO and Airtel are working over to streamline their internal processes using Blockchain. Furthermore, Vodafone is also doing a POC with IBM to set a system for customer retention.
For telecom trust is essential and maintaining the authenticity of data is the key. For Intermediaries such as that act of interconnection requires databases, back-office systems, provision of third-party services. All of that can be improved with blockchain solution like RecordsKeeper.
RecordsKeeper can address the challenge of storing historical data that becomes vast and unsustainable as the blockchain ecosystem is currently exploring several approaches for archiving data. As no clear regulations or specifications are formulated until now regarding the implementation of smart contracts, compliance of standards regarding both security and privacy for the sharing of information is a challenge.
The future of blockchain in telecom seems promising, and it is expected to become the norm for the services like identity management, and registries.