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Does Blockchain have a crucial role to play in the telecommunications industry?
The entire aspect of blockchain technology can be described as a peer-to-peer distributed ledger that has information stored in a shared database. It enables exchanges over the internet without the central services or servers. Independent and trusted authorities are avoided as third parties in blockchain management. Consensus is used to share information among different people associated with the network. And this completely removes the need for a third-party authority. Thys, it is considered as one of the major means which can help to secure digital asset transactions in transparent and viable methods without the interference of a third party. As a result, the assets are completely decentralized. This is a great consequence for any kind of telecommunication system.
Blockchain can be considered as a secure system to exchange digital currency.
Bitcoin, a digital currency whose name has gained acceptance due to blockchain technology can be found in profound amounts on trade with bitcoin. Different industries have made use of blockchain technology implicitly and this has provided some astounding results. You might be thinking about the exact point of comparing this with the telecommunication industry. Let us check out some of the key features of blockchain which are conducive for the telecommunication sector.
Trust and Neutrality
If there is a key feature that is demanded by all kinds of the telecommunication sector, it is trust. The entire database of blockchain is decentralized and there are copies to check out for the involved individuals in the system. The participants must check and authenticate the data which is added with the major consensus. Cryptographically the data is preserved against the interference of the hackers and single points of failure. This can be a major asset in the telecommunication industry which rightly says “Knowledge is Power”.
Speed and Efficiency
Yet another feature that comes to help in the case of the telecommunication industry is the rapidity and efficiency of blockchain technology. It has completely eradicated the need for extravagant architecture and third-party intermediaries. The speed of information exchange is greatly improved in the case of blockchain technology. This comes to help in the telecommunication sector of entertainment and news.
Blockchain is completely encrypted in the front and back end for the users to ensure strict security. Every step of the system is authenticated by the preceding block and it is kind of impossible to bring alterations in the histories of transactions. Each of the blocks tends to have a timestamp which can be used to verify the information in the virtual cases.
Telecommunications and Blockchain going hand in hand
It has already been established widely that telecom operators are in dire need of resources due to the traditional machinery used in the system. The costs can be reduced greatly with the interference of blockchain technology. Frankly, the technological advantage which is to be gained by telecom operators if they use blockchain technology overweighs the traditional competition in every way. With the drive of new revenue, digital services are at the top of the “to-do” list of every C-level executive in the telecom industry.
The telecommunication industry is under a phase of significant changes as the environment is turning out to be more digitized. The addition of blockchain into this system would mean that quantifiable benefits are permanently linked with future trends. Virtualized environments are bound to benefit from the new blockchain technology.
The core management system is greatly altered with blockchain technology. Efficiency gains are obtained through efficiency gains. Implementation of blockchain will turn out to be a great influence over the entire prospect of the telecommunication industry. Fraud prevention comes hand in hand with blockchain. The owner’s identity can be made confidential in cases of sensitive deals. The verification process is also provided on the profile of the subscriber. Roaming fraud is also prevented successfully with this system.
The imminent contact with the IoT and the unique solutions which are provided by the Internet of Things for the telecom providers mean something substantial for blockchain technology. As security becomes more prominent, misleading information is completely removed from the system.
As we can see, blockchain technology has a key influence on the telecom industry. It makes up for the defects which presently lie in the system of telecommunication.