The Telecom industry is one of the most dynamic industries that is continually evolving. It keeps on reinventing its operating models and offerings. From fixed landlines to a data-based revenue model, there were hundreds and thousands of transformations that brought the telecom scenario to where it is today.
Since the revenue in today’s telecom industry comes from data, there is a huge scope for blockchain. The most innovative CTOs and innovation strategists are already planning to deploy blockchain. They are leveraging consultancy for enterprise blockchain to make this transformation, best of the century.
Scope of Blockchain in the Telecom Industry
The distributed ledger technology has incredible, unparalleled capabilities of making data immutable, easily traceable, and verifiable. This core characteristic of technology would enable the telecom industry to set up a fully controlled, secure, and transparent ecosystem. It would ultimately mitigate costs, improve networks, and enhance the experience for almost all key stakeholders of the industry.
Benefits of Leveraging Distributed Ledger Technology in Telecom
- The blockchain characterizes trust in the systems by making transactions highly transparent. It improves the coordination between different stakeholders in businesses. Furthermore, blockchain eliminates third-party involvement, thereby mitigating costs for businesses in the telecom industry.
- With the integration of blockchain-powered smart contracts, billing procedures for roaming can be accelerated and improved. This would eliminate any chances of fraud and increase revenue generation opportunities for telecom businesses.
- The distributed ledger powered by blockchain technology comprises a complete history of transactions. The logged data is immutable and appropriate for generating authentic audit reports.
Each time, ingenious solutions have paved the way for revenue generation opportunities for the telecom industry. This time, new opportunities would be unlocked with blockchain integration, which is opined to transform the current business models into highly profitable business models.
If you are a maverick in the industry, interested in creating new revenue streams by integrating blockchain into your telecom business, get in touch with seasoned blockchain advisory experts. They would help you with everything – from ideation to enterprise blockchain solution integration.
Leverage services by leading blockchain and Fintech Global Consultants
Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.
Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at firstname.lastname@example.org.