Upcoming Blockchain Solutions for Telecommunications
According to recent reports from research firm GlobalData, Blockchain offers a $1 billion prospect for telecom companies if they can be proactive and make significant commitment , in order to position the companies to take advantage of these new solutions.
The report went further to say that the telecommunications industry is preparing to take up the challenge and increase their revenue potentials. For example, Telefonica, BT, HGC Global, Telstra, and Colt were all involved in the trial experiment that utilizes blockchain for the purpose of wholesale settlement, driving down costs and increasing efficiently when it comes to bills (usually cellular) between 2 different providers.
Recently, PCCW Global, Tata Communications, CBCcom, Cataworx, Sparkle, and Clear Blockchain also announced the blockchain proof for concept trial. It is essential to mention at this point that Verizon Company is an investor with Filament, a blockchain firm that has the capacity to help the telecom carrier handle their payment for drone monitoring and delivery services.
Blockchain is an effective method of securely and safely updating information over a wide range of distributed systems. It is highly flexible due to the fact that there is no central place through which data must pass through. This is a huge advantage when trying to keep a system operational between multiple companies.
Horizon is finding great opportunity in incorporating blockchain solutions into our customers platform. An easy solution is cryptocurrency payments, accepting Bitcoin et al as a payment solution, saving the company in credit card fees with savings that could be passed onto the customer. With digital blockchain ID’s comign down the pipeline as well as distributed DDOS and VPN, there are major advantages as well on the security and technology side.
According to Accenture, Blockchain is an integral contributor to the telecommunications industry if they can tap into the technology. Accenture reported that Blockchain can create a whopping $1 trillion ecosystem for the industry. Cited by GlobalData, the report went further to explain blockchain as a method that allows many stakeholders the opportunity to securely and confidently access the same duplicate distributed data. This technology does not require a costly running cost which can slow down the process of inter-organization data reconciliation.
Creating an alignment between blockchain identities and the revenue management platforms which includes unified catalogues, partner/customer management data, and billing/charging policies. In the whole frame of things, physical requirements are minimal but adding extra server resources on-premise or in the cloud may be a requirement.
Till date, the main usage of the blockchain technology has been within the sphere of cryptocurrency. However, the technology is believed to have the capability to fit perfectly together with the primary physical nature and needs of telecommunications networks. However, before telecom can venture into the use of blockchain, significant preparation is required so that they can adequately take advantage of the many opportunities that abound within the technology. Ron Westfall, the Research Director of GlobalData, pointed this out in his report. He emphasized the need for a long term dedication and integration into the DevOps. He also reiterated the need to align the blockchain technology with the BSS of networks.
All these are significant steps but they all come with more significant benefits. Another point addressed in the press release is the removal of roaming fees and stepping up of the related device services market. Ron Westfall went further to add that blockchain can drastically reduce local rates and tackle the issue of the untapped international traveller’s market while driving effectiveness in asset registry/infrastructure management, and industrial and financial platforms.
There is great hope for both customer-facing and internal usage of blockchain. The wholesale settlement for instance is internal and the external applications are still supportive. No doubt, with customer-facing service offerings, the capabilities of blockchain will boost and augment the existing services which will help mobile services avoid the roaming fees and reveal the service plans of telecom to a wide range of new customers.
Gilbert A Darrell is the Founder of Horizon. He has 18 years experience in information technology and telecom solutions, a veteran in Fire and EMS Services, a crypto enthusiast and a member of the Bermuda Government’s Cryptocurrency Task Force.
Horizon Communications is an upcoming fixed wireless internet and cellular service provider looking to provide services in Bermuda, the Caribbean, and Central America before expanding internationally. While utilizing 4th generation and soon 5th generation wireless technology,it will also heavily incorporate blockchain and cryptocurrency technology.
More information can be found on their website — www.HorizonComm.co