Blockchain, a technology that started as the underlying technology for digital currency Bitcoin, soon emerged as the underlying technology for various other business domains like real estate, finance, education, retail and more. The peer-to-peer feature of Blockchain eliminated the need to depend on third-party, thus paving the way for a new way of doing transactions faster and safer. There are several benefits of blockchain technology that makes it an inevitable technology for the future. In this course, we are also witnessing a rise in the demand for Blockchain experts and Blockchain developers who can help in leveraging this technology. Well, shifting back our focus on the use of Blockchain, then we will be talking about Blockchain use in telecommunication.
Exploring more about Blockchain’s use in the telecommunication industry:
Before going ahead, we would like to highlight the fact that Blockchain’s features like immutability, transparency and data security are of extreme importance for the telecommunication industry. Let’s explore more on this:
1. Roaming and settlements- One of the key areas where Blockchain finds application is in roaming and settlement. In the present scenario, it is the third parties that handle the task of roaming settlements. This is not only a time taking process. But it also increases the probability of human errors and delays. All this eventually impacts the customer experience. With the use of Blockchain technology, telecom companies can use the Blockchain platform for roaming settlements. Smart contracts can help in eliminating intermediaries while automating the SLA agreements. It will provide a real-time view to all the stakeholders, and in case of any breaches, the information will be easily visible to the people in the system. All this will make the process seamless and infallible, thereby enhancing the customer experience.
2. Identity management- Well, all know that telecom companies spend a huge amount on KYC and data management. But again, most of this process is handled by a third party. Moreover, there is always a threat of duplication of data, wrong information and more. All this impacts the entire CSP system, but with the help of the right technological platform like Blockchain, where all the data is visible to the people in the system, and any kind of change is easily visible to all the stakeholders, we can certainly eliminate the risk of fake data.
3. Data security- This point needs a special mention here. While available for a phone connection, people do share important information. All this data is stored on the digital platform, which is highly vulnerable to data threat and breaches. Losing important customer information can be fatal for telecommunication companies. But with the aid of encryption in the DLT, the data remains safe and secure. Also, there is a lesser chance of data breach. So, Blockchain helps in enhancing the data security feature.
This was the basic information on how telecommunication companies can make use of the Blockchain platform and use it for enhancing their customer experience while ensuring faster processing of information.
Blockchain is certainly the need of the hour. Irrespective of the industry type, its application can impact the productivity of the organization positively. So, if you too are willing to become an expert in Blockchain, this is the time to enrol for the blockchain certification program offered by the Blockchain Council.