Blockchain: A foundational building block for telcos
The Covid-19 pandemic has changed the way we live and work. Work from home makes reliable connectivity a business imperative. To meet growing demand, communication service providers are investing in blockchain to improve or maintain service levels at lower costs.
In this article published in the Capacity magazine Gopikrishnan Konnanath, SVP and service offering head - blockchain and Oracle services, Infosys, and Manah Khalil, director - identity, fraud platform and emerging technologies, Verizon, discuss how blockchain and distributed ledger technology (DLT) can help telcos ensure transparency in operations and transactions:
Blockchain technology can be extremely useful in contract management. Bilateral contracts between telcos ensure seamless connectivity and facilitate next-generation services such as IoT, VAS, and OTT. Telcos can use distributed ledger technology to ensure trust. A DLT-based billing and settlement solution powered by smart contracts ensures that all transactions are transparent
On the customer side, DLTs can streamline identity and access management, providing a seamless user experience without infringing on customer privacy.
Future proofing business
By enabling data consistency and seamless communication, DLT and blockchain lower the costs of collaboration between telcos, and enable decentralized decision making.