Telecom Service Providers Considering Blockchain
In a highly competitive market, telecom service providers are looking to streamline services, improve efficiency, and increase revenues. One option is the consideration and review of blockchain technology. Relatively new to the telecom industry, many industry leaders are evaluating its potential impact on their organizations.
The IBM Institute for Business Value (IBV) has published a report, “Reimagining Telecommunications with Blockchains,” that indicates more than one-third of 174 global communications service provider (CSP) executives surveyed said they were considering or actively engaged with blockchain.
“. . . as demands for transparency and trust continue, a robust blockchain foundation can be the springboard for increased ecosystem involvement, enabling new business models for revenue generation. Blockchain’s importance is only expected to grow.”
The interest from Telecom service providers relates to data quality and accuracy, more reliable and faster transactions and security improvements.
According to an article published on Telecom News by Jitan Chandanani and Vishal Awal, there are several ways in which Blockchains can benefit Telecom service providers such as cut costs, enhance data quality, reduce risks. Blockchain may also help Telecom service providers improve customer service and open up avenues for new revenue streams. For more information, read the full article on Telecom News here.
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