For those of you who have ever had your phone hacked and know the frustration and anger that goes along with finding out that someone has taken something that belongs to you, this story might resonate with you.
There are some compelling ideas around the blockchain for the telecom industry as they now need to think about how to protect their users, and themselves, against such attacks. What if it were impossible to be hacked? More importantly, what if the industry could eliminate a large chunk of their fraud cases? This new world may not be that far away.
Most people find a way to tune out when the subject of the telecom industry comes up, but for those who make their livelihood through making better hardware and software for smartphones, this subject couldn’t be more interesting, which means investors looking to find the next big thing in blockchain should pay attention.
Recently it was reported that blockchain technology within the telecom industry would eventually be worth a billion dollars. Its current value is only around $46 million, and for those looking for something to put their money into, the speculation that the telecom industry will churn out such numbers by 2023 is inspiring. For those looking to invest, the eye should be kept on any large blockchain projects having to do with this industry, as their worth will only be expected to increase.
Rising security concerns are one of the major factors for this investment in blockchain tech on the part of telecom groups, and despite its “still fluid regulatory status”, blockchain brings solutions to the table that this industry can use and which no other current technology can produce.
The compound annual growth rate for the use of blockchain technology within the telecom industry stands at 84%, and that is phenomenal. The fact that developing countries have latched onto mobile technology and made it the easiest way for people in those countries to get connected to the internet and transact value with each other is one reason that blockchain tech could become almost as important as the smartphone itself as security concerns become a thing of the past thanks to this emerging technology.
Communication service providers (CSPs) recognize that the competition in this digital world mixed with the decreasing profits from voice communications and increased costs from high bandwidth needs demand that they find new ways to lower costs and new ways to make money. Telecoms can save money by eliminating third-party clearinghouses and have automatic triggering of roaming contracts based on call data, which will enable instantaneous charging and a reduction in roaming fraud cases. It could also allow for quick resolution of disputes due to the repository of verifiable transactions between operators.
For those who are speculating that blockchain will soon be coupled with this explosion in mobile technology, the time to get in may be now. As always, before doing any cryptocurrency investing – or any investing for that matter – do your due diligence and thoroughly research any investment opportunities before transferring any of your assets into them.