Telcos use blockchain to get new revenue sources

Blockchain revolutionary technology manages to reshape operational and business models of many industries

Telcos

Telcos use blockchain to get new revenue sources. Source: pixabay.com

Due to the high digital security level and the promise of reducing transaction time and costs, blockchain is being driven by increasing demand, Global Data says. This way, telcos develop blockchain use cases to manage wholesale services, improve fraud management solutions, and streamline internal processes. Additionally, telecom operators can use blockchain technologies to enhance existing products, for example, IoT services, as well as to expand their enterprise solutions portfolio and yield new revenue streams, for instance, identity-as-a-service solutions.

Telcos like Orange, Telefonica, BT, and Colt are cooperating in the pilot projects to use blockchain technology to develop the efficiency of wholesale fees settlement amongst operators.

Wholesale fees such as interconnection rates or roaming charges are prone to discrepancies and can take more than 30 days to be settled, leaving operators vulnerable to currency fluctuations. A blockchain-powered platform including multi-lateral smart contracts amongst telcos enables faster settlements, saving time and the costs of the fee settlement process. Furthermore, transactions are digitally auditable due to their unalterable capability, which enables faster dispute resolutions
Lorenzo Solazzo, Technology Analyst at GlobalData

Finding new revenue streams will allow providing new business solutions. It is about Digital Identity-as-a-Service and Blockchain-as-a–Service along with a set of vertical-specific blockchain solutions like supply chain, quality control, and tracking solutions.

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