Marco Limena discusses, leveraging IoT and blockchain technology to catalyze telecoms transformation.
The introduction of blockchain technology into the telecoms industry has transformed the way that Communications Service Providers (CSP) are able to do business. Blockchain technology, when partnered with the global expansion of the Internet of Things (IoT), generates significant potential for the sharing and analysis of information cross-sector. As our devices gradually become more connected, IoT data analytics are being used to harness monetization opportunities to drive profit margins, whilst blockchain is simultaneously making it easier for telecoms companies to transact.
Analyst house, IDC, predicted that by the end of 2019, approximately $2.9 Billion will have been invested into blockchain worldwide. Unsurprisingly, investors are looking for the speed, efficiency and advanced level of security this technology boasts, but benefits exceed this. IBM named ‘greater transparency’ as the primary benefit of using blockchain, referencing the more accurate, consistent and transparent nature of its functionality. It is quite clear why IT service providers are looking to utilize blockchain technology, but how can blockchain bring benefits to the telecoms sector, as well as others?
Blockchain enables trust due to a shared view of secure data, hence, improving coordination between partners. This in turn enables the elimination of third parties, resulting in significant cost savings, providing incentives of greater profit margins for telecoms companies that upgrade their digital functions to blockchain. The ‘problem-solving’ nature of blockchain is what makes it lucrative. In telecoms, blockchain Is applied to identify difficulties and fix them more quickly. This, in addition to greater function efficiently, creates the prime condition for company growth. Matched with partnerships that allow the complex functions of…