One of the challenges facing telecommunication companies is the need to innovate in a highly competitive market and, at the same time, reduce costs to keep their services affordable. Blockchain technology offers the telecom industry the perfect solution for these critical requirements. It also allows for the management of various aspects of user accounts. Blockchain applications in the telecom industry include the automation and internalisation of many operations such as billing systems, roaming and supply chain management, reducing the costs of processing these operations.
From a security point of view, it allows, among other things, to keep and record user histories without any possibility of falsification. With such strict and secure data control, blockchain is already used in several services in the telecom industry.
Development of new digital services
Blockchain still has a lot of potential to offer the telecom industry. A package of services based on blockchain can create new revenue streams for telecom operators. Some services have emerged on blockchain, such as :
Micropayments :
As the cost of the blockchain is reduced for operators, it can enable micropayments to be offered, for example to buy mobile games online, music, etc. Because of the distribution of this service, consumers do not need to go through a third-party application that would ask for their bank account or personal information. In other words, the security of blockchain services in the telecom sector will provide an even higher level of security for users.
Billing and money transfers :
Another application of blockchain is money transfer. This may seem rather obvious, as blockchain has moved from theory to practice thanks to crypto-currencies. However, many telecoms operators have not yet applied the concept to allow their users to transfer money to other customers via this technology, which could also be used to pay for telephone subscriptions.
Identity verification :
As blockchain offers an unparalleled level of reliable security, digital identity verification will be one of the major uses for the telecom industry. This will be even more so in the future, as operators begin to implement blockchain in all payment services related to their users' needs. Identity verification technologies are extremely expensive for companies, whereas they could implement much more affordable and secure identity verification systems based on blockchain.
Online advertising management :
Telecoms already have the data of millions of users. With blockchain, these companies will be able to use this data resource to communicate directly about their products and services online in a targeted and ethical way.
The telecoms sector will be able to benefit from blockchain in order to obtain more relevant targeting of its audience, reduce costs, avoid sharing their data via third-party companies and finally guarantee the security of user data with their customers.
An asset for the telecoms
The basic idea of blockchain, namely to have a method of classification and monitoring that is safe from tampering or piracy, can be applied to all sectors that require security, and this is what consumers are looking for.
Facilitating transactions and money transfers through blockchain promises to guide telecoms into a future where they can manage their revenues independently of banks in an operational manner and at the lowest possible cost. This step will be reinforced by the fact that telecoms will be one of the sectors with a high level of trust from their customers.
