Although foundational to our interconnected world, the traditional telecom industry is riddled with challenges, from security concerns to billing discrepancies.
Paris Blockchain Week has risen to the public’s attention as one of the most esteemed annual events in the industry. The event has since aimed to bring together blockchain enthusiasts, developers, entrepreneurs and other stakeholders from across the globe to explore the latest opportunities in the blockchain industry. Participants can engage in various activities at the event, including keynote speeches, panel discussions, workshops, hackathons and networking events. Through these activities, Paris Blockchain Week continues to give organizations and individual thought leaders a chance to spark ideas and present solutions for mass adoption. One of the most notable at this year’s event was using the decentralized ledger in telecommunications.
At present, the telecom industry is largely built around billing and payment processes, which directly impact revenue and customer satisfaction. Unfortunately, traditional centralized systems for these functions often result in errors and inefficiencies due to the highly complex nature of these systems. With errors come customer disputes, and with disputes often comes revenue leakage, which can significantly hurt a company’s profitability over time.
In addition to being error-prone due to a lack of transparent systems, companies in the telecom industry also face challenges with security, especially hacks by malicious entities who want to exploit vulnerabilities in the system for their own personal gain. Although just one example, fraudsters have been known to use phishing, among other methods, to gain unauthorized access to data or to manipulate call records or other billing information.
A third challenge comes down to roaming. Customers traveling abroad can face high roaming costs, leading to bill shock and frustration. Meanwhile, telecom operators face their own set of challenges, such as managing complex roaming agreements with other operators and ensuring a seamless roaming experience for customers. Fortunately, several experts at Paris Blockchain Week have agreed that there is an opportunity to evolve the telecommunications industry with the help of blockchain technology.
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Where telecom meets blockchain
Blockchain technology has gained significant popularity in the past few years, revolutionizing multiple industries and transforming their operations. The telecommunications industry is one such sector that could reap tremendous benefits from integrating blockchain.
Blockchain technology solves the challenges of the telecom industry by providing a decentralized, transparent and tamper-proof ledger that allows telecom operators to automate their billing processes. With blockchain, telecom companies can create smart contracts that automatically execute billing agreements based on pre-set conditions, reducing the potential for human error and disputes. In addition to streamlining the billing process, blockchain technology enables secure and frictionless payment options, including cryptocurrencies.
When considering security measures, the decentralized and transparent network offers a virtually tamper-proof system, making blockchain an attractive option for safeguarding sensitive data. By leveraging blockchain’s distributed ledger technology, telecom operators can ensure the authenticity and integrity of their data, as all transactions are recorded and verified by a network of nodes. Any attempts at unauthorized access or modification can be easily traced, allowing swift action to be taken to prevent any further security breaches.
Blockchain’s same tamper-proof and decentralized nature also ensures that all transactions are recorded transparently, providing greater accountability and reliability in the roaming process.
As one Blockchain Week speaker highlights, these three applications of blockchain technology are only a few of the lines of reasoning as to why this technology holds the future of the telecom industry. Others include efficient Internet of Things (IoT) management and the complexity of integrating Customer Relationship Management (CRM) solutions.
A solid foundation for Web3
These concepts for the future of the telecom industry were presented by the Emeldi Group (EMG), a privately held software provider specializing in offering disruptive products to the telecom industry. In addition to its focus on innovative software solutions, EMG has also established a strong relationship with blockchain technology through its blockchain-based Super App.
The EMG team speaking at Paris Blockchain Week. Source: YouTube
With over 46 telco implementations and more than 60 million customers served by its commerce CRM, the EMG team continues to push forward in the mass adoption of blockchain technology in the telecom industry.