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Blockchain for telecom: operating systems and business applications
1. Introduction to the blockchain
It started with a Hash function … then the data blocks … then the chained / authorized data blocks and the mining … then distributed Hyperledger and smart contracts completed the Image to provide business and commercial applications for public, private and hybrid networks across all industries.
After serving the first financial organizations and business supply chains, blockchain technology is used to create powerful business applications and to solve the major challenges of telecommunications operators.
This technology ensures balanced progress across various vital and parallel aspects such as network / infrastructure improvements, lower operating costs, superior ROI, OTT and CSPS competition, a new generation of Internet services aligned with the behaviors and lifestyles of customers fully changing the advanced network features (4G / LTE, 5G).
Mobile communications are exponentially vital for individuals, for communities, for businesses and for the economy in general. The research analysis shows that there are more than 2,500 telecommunications operators worldwide that eliminate the distances between people through data or voice connectivity.
More and more, and for good reason, industry is adopting blockchain technology to exploit fascinating applications, new features and functionality. It is preparing a concrete leap in how to manage transactions compared to old traditional systems.
In addition to other members of the ITW Global Leaders & # 39; Forum (GLF) involved in blockchain initiatives, trial blockchain (POCS) are successfully executed by companies such as BT, Telefónica, PCCW, Colt in, Telstra , HGC Global Communications, just to name a few. Other operators, such as the South Korean giant Telecoms Giant KT, have built their own blockchain.
PoCs (with extended functionality) have shown that blockchain technology is drastically reducing operational costs and eliminating many outdated obsolete systems, discovering new business flows with unprecedented quality in real-time transaction monitoring. Chained data blocks, Smart Contracts and distributed Hyperledger provide full transparency and security for users and organizations. Another beauty of the blockchain is the rapid ROI.
2. Telecommunications market context
Telecommunications generate around $ 6 trillion in annual revenue that includes, but is not limited to the Internet, data, voice communication, and transmission. The changing context of the telecommunications business has forced telecommunications companies to escape limited legacy business models and adapt the latest technologies to cope with current trends and market demands. Our research shows that over $ 332 billion is spent annually on mobile voice / data services and mobile digital advertising.
Based on a survey (conducted by IBM) of C-suite executives in the telecommunications industry, a significant proportion of CSPs-organizations are already considering or actively engaged with blockchains. Eighty-seven percent of the executives interviewed said that the client is an important role that influences his ability to move forward with blockchain on a commercial scale.
Editor's Note: This is Part 1 of a three-part series to be published this week.
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