Blockchain technology is gaining enormous traction in the world. We want to look at blockchain app development solutions in the telecom sector, the possible fields of use, what the leaders are doing, and where Oodles will assist its customers in the future.
Blockchain-based system are now increasingly emerging to challenge the way transfers are made, authenticating customers, and conducting payments. One of the first sectors to first embrace the technology was Fintech. In virtually any sector, though, there are diverse possibilities. We will see the consequences and prospects present in the telecommunications sector in this article.
Roaming, high rates, risk of fraud, privacy concerns and so much more are struggling for both providers and subscribers. Decentralization (which is one of Blockchain’s main fundamentals) may be the key to solving certain problems after exploring potential solutions.
Organizations are searching for creative new approaches to reduce underlying costs and enhance the sustainability of companies. We look at a couple of the telecom industry’s modern pressure points and why they should look at Blockchain as a future-oriented tech intervention:
Telcos are diverse and require major ventures and investments in infrastructure. Nearly all telecommunications companies have experienced the establishment of the 4G/LTE network and we still have 5G to push them to update again by the time they reap benefits.
Systems of Support for Business/Operations
Existing technology is not collaborative, stubborn, and secure. They have often contributed to bad consumer service, leading to leakages and procedure inefficiencies, have a poor implication on profit & loss statements.
Increasing Price Wars
Price wars have spoiled the end consumers with the slurry of new-age telecom companies hitting the market. We are looking at underused data, messages, SMSs from nearly all users, with service providers having to almost unanimously send ample free calls and data bundles to customers.
Communication Service Providers (CSP) lose ~ USD 40 bn per year due to fraudulent practices, according to a study issued by Deloitte.
How Blockchain Applications can Help Telecom Evolve?
The sharing economy and decentralization, which is one of the key features of the Blockchain method, can solve the core solution to this issue. Land infrastructure, for instance, is not owned by all utility providers, but by a handful. To prevent restoring costs, companies get together and use the same thing. The underground system for the internet in India was developed by Tata and Reliance, which is used by almost all other organizations.
Similarly, as we addressed the current usage of internal structures, we look at an environment that is deeply siloed, rigid, and complex. In the future, we will need Blockchain to help remove middlemen if we plan to reap gains from interdependent teams working on this ecosystem. Therefore, Blockchain can be used to carry related usage cases such as inter-carrier settlements, carrier modifications, and successful MNP in processes such as quote to currency.