New applications of how to implement blockchain technology in every sector -such as supply chain and telecommunications- emerge every day. The telecommunication industry offered a lot of services to their clients with the advent of 4G and LTE. The fifth generation (5G) telecommunications network is going to revolutionize the sector by introducing a new era of presence-based services. Emerging technologies such as Internet of Things, need advanced speed of networks that allow machines transfer large amounts of data cost-efficiently. Additionally, blockchain in telecom market, will scale the industry, promote sharing-economies and bring a new array of various services and business models that would need low latency due to massive interconnected devices.
The Future of Telecommunication Industry
Executives have already identified that utilizing blockchain in telecom market will assist them in retrieving accurate data with better quality which ensure a more targeted decision-making process. Communication services providers (CSPs) control data that clients exchange through their networks. Blockchain in telecom market provides data integrity and enables a trustful ecosystem that prevents data corruption due to cryptographic encryption. Having said that, blockchain minimizes the probability of malicious attacks due to the nature of its architecture.
Reduction of Identity Expenses
Identity expenses are costly for CSPs. It is one of the greatest costs that a company of the telecommunication industry faces. Furthermore, blockchains can be used as a way of storing identities from users that exist in CSP’s client list and provide a new service that is introduced as Identity-as-a-Service. This service would streamline a new way of making profits within the sector.
Identity-as-a-Service could be very useful for logging in platforms that store information and BPM platforms Is one of the many categories of them that manage sensitive data.
Also, existing services would reap the benefit of the implementation of this emerging technology. Blockchain technology enables CSPs to digitalize the way of ID verification and provide eSIM cards to their clients. This digital transformation of a core service in the telecommunications industry allows both counterparts (businesses and clients) to save time and money.
Internet of Things (IoT) Connectivity
An Internet of Things (IoT) network requires high levels of security so that data transmission flows harmoniously. A blockchain connects sensors and machines securely though a channel. Τhis results in safe transfers of sensitive information without any fears of data leakage or security breaches.
Making mobile payments has become essential and it is expected that the rate will be increased further in the future. The mobile payment model has many flaws and it can be easily hacked. Also, the user does not have too much authority over his account, because their passwords are stored in a centralized network whose security is unknown. By using blockchain in mobile payments, users have a master key that is used in their transactions which is only stored in the blocks of the respective chain. Given that, the owners get rid of any third parties that delay processing transactions, executing transactions faster via their smartphones.
Furthermore, smart contracts perform transactions and payments under certain conditions and rules. This technological advance not only enforces mobile payments but also it makes them easier due to the automation of the process.
Blockchain and BPM Platforms
It is assumed that applying the blockchain in telecom market will not solve all the issues that the industry faces right now, although it is one of the major technologies that can reshape it. A collaboration of blockchain networks with other innovative technologies that empowers automation, such as BPM platforms, render significant outcomes to companies that adopt them. Blockchain can transform the way Business Process Management (BPM) solutions function.
The need for better, trustless and transparent interconnection between entities and BPM systems is a vital demand of the industry.
Comidor is a Low-Code BPM platform that ensures the proper collaboration of emerging technologies into a business scheme that fits every organization that wants to make massive changes towards business excellence.