How Blockchain Can Be Effectively Leveraged By The Telecommunication Industry

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How Blockchain Can Be Effectively Leveraged By The Telecommunication Industry

Although blockchain as a technology has been present for a decade, it has only gained traction when industries such as Banking and Financial Services, retail, and logistics successfully implemented different blockchain use cases to address their pain points. The technology's success in these industries has catalyzed investment in other domains such as telecommunications. Blockchain can unlock financial and operational synergies by providing efficiencies in transactions between Communication Service Providers and third parties such as interconnected partners. The technology can significantly impact the telecommunication industry. The benefits of deploying blockchain-based solutions will improve business operations. In particular, the benefits will accrue in the areas of network & contract management, payments and settlements, and identity management among others. Keeping in mind the technology’s transformational abilities, telecommunication players are well advised to be among the early movers. A suggested way forward is to partner with competent companies capable of suggesting innovative use cases for their quick trial and implementation.

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By Amol Shrikant Kulkarni
Lead Business Analyst