What Role Might Blockchain Play in the Telecom Industry?

The telecommunications industry is preparing to go 5G, compelling businesses to focus on competition and innovation. Companies are thus seeking new technologies to rejuvenate processes and become more efficient and customer-friendly.

Blockchain is one such technology that lets telecom firms streamline operations, unlock new revenue models, and reduce operating costs, giving them a competitive edge. Accordingly, blockchain’s market share in telecom is expected to cross$993.8 million by 2023, growing at 84.45% annually from $27.8 million in 2017.

Moreover, blockchain technology can place communications service providers (CSPs) on the verge of a$1 trillion-plus opportunity. The ability to track and transfer value across billions of devices, sensors, and devices over pervasive networks will be key here.

Bringing Value to the Telco Value Chain

Virtualization, Artificial Intelligence (AI), and Robotic Process Automation (RPA) are already transforming the telco industry digitally. Now, incorporating blockchain into the equation will significantly disrupt day-to-day operations for CSPs.

First, telecom companies can enable customer-to-customer transactions and micropayments for music, gaming, and other services using blockchain technology. Second, cross-device identity authentication will be possible across applications and organizations. And users can also manage these identities seamlessly. Third, standardization and process simplification will enhance BSS/OSS activities like SIM issuance, number portability, and billing.

Moreover, operators can overcome hurdles to network implementation and real-time processing, hastening the deployment of 5G. By using smart contracts, they can also automate interactions between users and third-party service providers. This in turn will enable tamper-proof processing based on predefined rules for greater efficiency, smarter resource utilization, and broader access.

Solving Existing Key Challenges

Besides transforming telecom’s future, blockchain can also help mitigate problems facing the industry for decades. For example, storing unique customer and device information on the blockchain will make them immutable and minimize forgery. The provisions for securing lost devices will also be more reliable and instantaneous this way. Moreover, third-party stakeholders can receive real-time status updates.

Innovations are underway to introduce the solutions mentioned above.Eli Mobile is among the one of the contributors in this regard, with a rapidly strengthening market presence in Italy. Its customers can purchase mobile credits using theELITE Token. They can also access Elysium, an integrated social platform connecting content creators and international influencers. The goal here is to combine a telephone operator with a community of ordinary users and celebrities.

Eli Mobile’s mission belongs to the value-for-money range according to its subscription rates and charges. Yet, its vision hails in the high-quality range thanks to innovative and customer-oriented services. Ultimately, the company’s purpose is to reform the telecom sector along the lines of Web3.

Changing the Game with Blockchain

Blockchain is already laying the foundation for future developments in telecom. There’s improved security on the one hand and unprecedented revenue streams on the other. But the process of implementing blockchain in telecom has its fair share of challenges, especially regarding compliance with established data standards. This relates both to the architecture and information transmission.

But these hurdles can be overcome, as Eli is doing with Elite which complies across jurisdictions and standards. By converting promise into reality, platforms like these are steadily changing the game positively. As telecom adopts blockchain as a vehicle for the future, similar innovations will be critical. More so if the world has to optimally reap the benefits of 5G and Web3.