After discussing OpenCryptoTrust’s plans to disrupt the telecoms sector with COO Mayande Walker I thought I’d quickly summarise a few other ways blockchain could disrupt the telecoms industry:
- Inter-carrier settlements: Colt and PCCW Global have started trials to see how blockchain can speed up time for inter-carrier settlements and make them more reliable. The proofs of concept they have carried out so far indicate that blockchain can cut inter-carrier settlement times from hours to minutes.
- Cybersecurity: Colt CEO Carl Grivner says: “The settlement test with PCCW Global is a baby step.” What will follow? He already has a list of possibilities. “The most exciting of them is cybersecurity.”
- Smart contracts: Smart contracts enable Carrier Service Providers to streamline internal processes, including interactions with suppliers and other CSPs, and improve efficiency within core management systems such as billing and eSIM provisioning.
- Fraud: One area where telcos could clearly benefit from blockchain is fraud prevention. In the most recent published survey by the Communications Fraud Control Association, losses associated with fraudulent activity were $38.1 billion. Blockchain-based solutions could be implemented to minimize both identity and roaming fraud.
- Identity management: A telco could participate in blockchain-based identity management for their own services as well as to offer it as a service to its partners. In a blockchain, identity authentication could be applied across devices, applications and organizations – removing the need for a user to have separate passwords for different online accounts.
But blockchain isn’t only disrupting blockchain, see how it’s impacting on others sectors from banking to healthcare below:
Infographic credit: bitfortune.net