Blockchain Technology (the technology behind Bitcoin) has gained a lot of attention the last years as we find more solutions to disrupt every industry. From Real Estate, Voting systems, Data, Identity, Banks, Insurance companies and so on. Ultimately this new technology will disrupt all industries. You will see why in a second.
The Blockchain will not only disrupt these industries as is already doing, but also will merge with new disruptive technologies as well such as Artificial Intelligence (AI), the new term coined of Fin-Tech or Financial Technology which basically is creating new systems and solutions for payment solutions, exchanges, wallets and creating basically new kind of banks (Digital Banking).
For this specific article, we will describe how can impact the telecom industry in further years. Just before I start the real breakthrough is that Blockchain can be or has the potential to be for “value” what information has been for the internet.
Current core and VAS opportunities
Between networks it can be implemented the Blockchain to reduce fraud and therefore will reduce costs for fraud detections applications.
Identity as a Service
Telecoms can offer through the Blockchain an eSim solution, identity and authentication based on Cryptographic identity.
Future Telecom Trends
5G & IoT Connectivity
For this new platform coming soon will provide seamless connectivity and also for IoT devices to communicate themselves and provide micro-payments solutions within the Blockchain.
Let´s take a quick overview about fast solutions that can be implemented to Telcos using Blockchain.
OSS and BSS processes (such as billing, eSIM provisioning, and number portability databases) can benefit from hybrid blockchains, which have both public and private facets
hybrid blockchains with public components could facilitate the implementation of databases that usually require costly integrations and trusted access settings.
Digital asset transactions
The extremely low transaction costs enabled by blockchains (compared to those of credit or debit card transactions, for example) make them amenable to micropayment-based business models for digital assets, including music, mobile games, gift cards and loyalty points.
public blockchains are particularly suited to use cases where high levels of transparency and security are required, such as smart city initiatives. South African start-up Bankymoon allows smart meter users to pay for electricity with Bitcoin.
It is no surprise that the Blockchain will take further leaps of disruption and we will continue to write about it.