Why would leading Indian telecom providers seriously consider launching blockchain technology-based platforms this year? Competition is fierce in the telco world where termination is a loss and communications providers like WhatsApp and WeChat chip away at traditional streams of revenue. Current traditional telecom service providers need new sources of revenue and want to decrease work costs and customer churn. New services such as blockchain technology-based platforms, enhancements via chatbots and AI, and local and international DID number service are real ways to do exactly all the above.
IBM has even conducted several proofs of concepts or PoCs to show how blockchain-based platforms can work beautifully with the top tier India telcos. “We would be surprised if it’s not [in commercial deployment] in 2018,” Jitan Chandanani, Blockchain leader at IBM, told Economic Times.
“The success of bitcoins and cryptocurrencies accelerated the curiosity around the Blockchain technology. As a result, a lot of people are trying to replicate that success story. The conversation that we are having as a company across telcos, governments, and industry, cryptocurrency barely even comes up,” Chandanani said.
Blockchain technology can help create a media platform that will directly connect content creators and cut off intermediaries which reduces expenses. We make a guess that those intermediaries are… for example… Google and Facebook. It can also make changes in supply chain management by eliminating the need for intermediaries again. This concept can be applied across any sector of telecom business. Transparency and speeding up of porting are two other benefits of using blockchain tech.