Tuesday, December 6, 2022
Published 3 Years Ago on Tuesday, Dec 10 2019 By Hannah Beth Cooper
Considered a disruptive technology because of the increasing
realization of its ability to transform across multiple industries, blockchain
removes any requirement for ‘middle men’ and reconciliation processes as it
guarantees the validity of its data using shared infrastructure. At the point
of creation, this data is recognised as valid by all parties and can’t be
Blockchain lets transactions be stored securely and verified
without any centralised authority. Data is instead validated by the network.
Although, originally designed for digital currency, it also provides a solution
to decentralize a wide range of applications. In fact, any service that
requires a method to systematically record an event (such as ownership) could
potentially benefit from blockchain.
For the telecoms sector, innovative solutions are starting to
blossom, primarily in the business of IoT (Internet of Things). In these
systems, blockchain can provide a way to trace the unique past of specific
devices or networks and consequently enable detectable, independent and more
importantly instant transactions using tailored ledger technology. Such ledgers
would allow IoT devices to sell their data using micro transactions and enable
pay per use models for a substantial group of IoT based services:
In the not-too-distant future we are going to see changes in
the ways in which operators handle roaming, billing, data distribution and
payments using blockchain. Operators risk losing previous business in areas
where blockchain could cause disruption, purely as a result of its drastic
potential for innovation. Therefore, it is vital for the industry to monitor
such development and to use this as an opportunity to innovate and detect such
Diverse and extensive business opportunies created by
blockchain await the telecoms industry – specifically at network level. Aside
from improving and innovating existing solutions, there is a completely separate
type of solution that can be executed across networks by operators that are in
layman’s terms on another level. Such opportunies will arise from an economy
where: we are all consumers as well as service providers (apparently the new
term for this is prosumer), subscriptions will likely be replaced by real-time
pay-as-you-use models, mobiles will be used to carry out smooth and seamless
transactions and independent IoT devices, partnerships between companies are
created as decentralised organisations,
The detection and prevention of fraud continues to be a hot and controversial topic for most service providers. Fraud costs the industry around USD 38 billion annually. The telecommunications sector hasn’t yet developed a way to effectually combat and prevent fraud. Blockchain may pave the way to oversee access to fraud detection information shared amongst operators. Likely to start at the point of sale, fraud has numerous techniques of cheating various operator systems. This is particularly true if different compliance rules another angle is fraud caused by delays in sharing CDR’s between operators. As blockchain works in
Another major advantage of blockchain is in wholesale
roaming and interconnect billing. By letting customers to roam on each other’s
networks, it provides a credible and essential service, however this would also
need a lot of communication between operators. Storing customer data records in
the way we do now is a very expensive process.
The banking sector is one of the first to begin innovating
clearance and reconciliation processes based on blockchain technology.
Operators use a similar process and consequently it’s worth streamlining the
process through blockchain. Smart contracts could be drawn up with an attempt
to enforce roaming agreements in real-time, using tokens or even
cryptocurrencies to enable operators to reconcile over a private blockchain.
The idea of one chain would involve managing the contracts together.
Furthermore, as call data records are digital, they could be considered as
actual blockchain items where in addition to other parties can have access to
Then after a successful proof of concept, this solution can
be applied to voice and SMS.
This would involve the direct delivery of content from
providers such as film companies, (Disney, Universal Studios etc.) straight to
customer devices through service providers, cutting out any middle men from the
The development of new smart cities requires new governance
solutions to incorporate the internet of things. Blockchain technology can been
seen as a building block for this and consequently enable future products and
services to be secure, transparent and also provides an identity and payments
layer to benefit from.
Work has already commenced on an insight platform based on
blockchain to improve customer profiling across companies. User consent would
be registered on the blockchain and this would enable advanced data-sharing
concepts and targeting advertising models to become a reality.
“MyMonty is a life project. Building a bank is a very complex endeavor. It will become the flagship of the Monty Finance brand. This means added responsibility while focusing on the team’s passion and accepting challenges wholeheartedly,” Cesar Jabr, Deputy CEO, Monty Holding What is MyMonty’s scope of activity? The financial company’s sole focus is […]
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