Payment, Identity, consumption of media, and entertainment are all enabled by the telecommunications networks. The new megatrend is the growth of Internet of Things (IoT), which brings the digital and physical world together. McKinsey predicts this as an over $1 Trillion market and Business inside predicts it could reach over $14 Trillion. IBM predicts every Blockchain dollar will generate $15 of Cloud spend. Enormous market growth is predicted to occur from the Blockchain revolution, optimizing this spend is an tremendous opportunity!
- Today, intermediaries control roaming partner settlements and timelines for resolving any related issues can be as long as a few months. This structure lends itself to frauds, human errors, lack of transparency, and a poor customer experience.
- Nowadays, the submission of identity documents like driving license or passport for KYC processes is handled by several third parties. While this is a critical process for the Telecom industry, it is fraught with misuse risk and is far from secure.
- While many enterprises have started to invest in automation, it’s not unusual to see manual processes causing vendor disputes and delays in settlements due to differences in interpretation of SLAs.
- Smart Contracts on blockchain can eliminate the role of middlemen by automating the SLA agreements, which will provide a real-time view to all the stakeholders and make threshold breaches visible to all the involved parties immediately.
- Blockchain can allow decentralized storage for storing all these documents, with control remaining in the hands of individuals. The ability to record such events immutably not only helps in reducing the instances of forgery but also curb the submission of fraudulent documents.
- Blockchain creates a ‘one version of the truth’ to limit such disputes in addition to offering transparency with the real-time data. Smart Contracts can manage SLA data and KPI rules and calculate charges or incentives.
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