How blockchain can improve telecom business support systems
Telecom platform Bubbletone and software and services provider Nexign recently partnered to apply blockchain to the business support systems that manage telecom companies’ operations. ITU News caught up with Yuri Morozov, CEO and Founder of Bubbletone Blockchain for Telecom, about how blockchain can modernize the industry.
Why is Bubbletone partnering with Nexign to apply blockchain to business support systems (BSS) for telecom operators?
The joint solution will allow operators to get access to blockchain technology and make offers for new clients in parallel with current business processes.
The partnership with Nexign gives Bubbletone an opportunity to attract more operators to the ecosystem without any additional expertise from the operator’s side. Nexign provides any operator with an easy start, even if the operator’s BSS, network switching subsystem (NSS), and security systems have strict development limitations.
‘Blockchain technology gives us an opportunity to drastically optimize many business processes, reduce costs and eliminate intermediators.’ — Yuri Morozov, CEO and Founder, Bubbletone Blockchain for Telecom
We are interested in expanding the number of Bubbletone ecosystem participants, i.e. the more operators join the ecosystem, the more benefits for their businesses and the more extra profit they obtain.
What are the benefits of using blockchain technology for this solution?
The developed solution is going to be the first of its kind in the global telecom industry based on both blockchain and BSS technologies. In other words, it will be a new step in modernisation of BSS-systems for telecom operators worldwide that will enable the exchange of financial and identity information between operators and new monetisation streams.
Operators will benefit from a standalone BSS with embedded blockchain, enabling them to increase the efficiency of their business through rapid and seamless joining of the Bubbletone platform.
Once an operator joins the platform, they will get direct access to the international telecom market and an opportunity to attract new clients and provide current ones with new types of services. In addition, incorporation of this kind doesn’t require any hardware customization or advanced integration processes.
What are the challenges to using blockchain in this way and how can they be overcome?
Currently, there is no standard to regulate relationships between operators and between an operator and a client who use distributed platforms like ours. We are sure that a standard of this kind will be developed sooner or later. If there were any existing standards for us to comply with, it would have be much easier to build and develop our platform.
‘The blockchain makes it possible to speed up and simplify any calculations, therefore its economic viability is obvious.’
Thanks to Nexign, we are developing solutions for various use cases of the Bubbletone Blockchain in Telecom for operators. A lot of operators show a great interest in this technological solution. Thanks to these use cases for a commercial off-the-shelf software, we will be able to arouse even more interest from operators and provide them with successful commercial products.
How will cybersecurity concerns be addressed?
At the moment, blockchain technology is a mature solution that has undergone battle testing and been tried out in many industries.
Any participant can check the correctness of the transaction data in accordance with the rules incorporated in the system using modern cryptographic algorithms. The possibility of data falsification is excluded as the data chains are signed with electronic signatures.
In addition, this system is decentralized, therefore, there aren’t any intermediators that other participants have to trust. All participants are equal in rights, and each participant can verify the integrity of the system.
Native distributed redundancy of the data ensures the simplicity of automatic data recovery after any local failure. Globally distributed blockchain system needs no special backup storage, replication or recovery processes — processes that are normally required for centralized systems.
Looking forward, how do you see this industry evolving, specifically when it comes to the technology used?
Currently, there is an understanding of industrial blockchain that has formed in the society. This concept differs from the traditional blockchain associated with cryptocurrencies that formed misconceptions and stereotypes with regard to the blockchain.
The industrial blockchain is aimed at solving specific business problems between equal participants in the business environment. For instance, blockchain technology gives us an opportunity to drastically optimize many business processes, reduce costs and eliminate intermediators.
When it comes to the evolution of technology inside the telecom, there are a lot of good prospects for expanding the business by leveraging other services from third-party suppliers, including the small ones, with minimal costs for joining the ecosystem.
The blockchain makes it possible to speed up and simplify any calculations, therefore its economic viability is obvious. This technology has started its expansion into the world of telecom, as well as into other industries, and is gaining momentum.
In the coming future, it will be in high demand wherever fast and transparent interaction between suppliers and consumers of services is required.