Blockchain is a technology for mankind, created by eventful minds who were not in negotiation with One World Order! However, Blockchain technology, at present, is a “confusion” to several people and has been interpreted as a hoax. This confusion is running unchecked and remains unverified in many articles that are critical of Blockchain, while the real problem lies in Bitcoin and other cryptocurrencies, something that has been continuously misunderstood and misrepresented.
“Confusion is a word we have invented for an order which is not understood.”–Henry Miller. Since Blockchain is entitled as a confusion, it should be noted that this incorruptible, decentralized, and transparent confusion is here to stay, probably much longer than anticipated. The Blockchain is digitized, and distributed, over a well-protected ledger that solves the trust problem between two people exchanging values; a potential resolver for businesses.
Before coming down to the part where I validate my prediction that Blockchain will bless the telecom industry by 2023, it is necessary to briefly explain why Blockchain has a competitive edge.
Practical Examples of how Blockchain is used in 2018
Currency and Payment Processing
Blockchain’s future does not depend on the longevity of Bitcoin, a volatile crypto asset, and it will continue to influence and expand. Implementation of Blockchain will potentially eliminate the intermediaries that are annoyingly necessary right now in the cross-border payment cycles. Digital currencies will continue to grow and break the traditional financial systems, a movement to be watched.
Blockchain creates an undisputable record of real-time ownership. Startup Everledger is at present working on improving anti-counterfeit measures for pharmaceuticals, electronics, luxury items, and diamonds – a digital vault, to be precise.
Another company, Blockverify, permits companies to register their own products as they introduce much-required transparency in supply chains. It has to be noted that the public sector companies inherit this guarantee of security and safety offered by Blockchain.
Personal Record Systems, Identification Systems, and Passwords
Boundless data like death certificates, birth certificates, passports, marriage certificates, and census data can now be streamlined securely by Blockchain technology, further zeroing plenty of human hours. Government approvals are awaited as debates are still hot and controversies continue to be buoyant.
However, private companies remain unfazed by the same. ShoCard is one company that helps individuals and organizations lay their identification systems, whereas Onename is another company that works on personal identification.
Since many companies are now actually executing and implementing the tech for the right reasons, Blockchain has somewhat managed to leave its shell of “notoriously unworthy”. Which sector utilizes the uncorrupted tech is a question that only the next 5 years will answer. Although, Telecom is one industry that has high stakes of gunning its value within the coming years. Let’s have a look at this claim.
Blockchain Technology to make Telecoms Industry a $1 Billion Industry by 2023
Coming down to the part where Blockchain technology complements the Telecom industry! According to a Press Release by Market Watch, released on July 13th, 2018, Blockchain Industry, which is at present estimated to be valued at $46.6 Million, 2018, is all set to add a whopping $1 Billion to Telecom Industry by 2023.
The 132-page report states that “rising security concerns” is one of the major factors contributing towards the spread of Blockchain. An abstract from the report states that: “The blockchain in telecom market is driven by various factors, such as the increasing support for OSS/BSS [operations support systems/ business support systems] processes and rising security concerns among telcos,” and further quotes, “However, growing concerns over the authenticity of users, and uncertain regulatory status and the lack of common standards can hinder the growth of the market.”
Market analysis and reports stay untouched by the mixed reception of Blockchain. Moreover, there is an 84% flat increase in the annual growth rate for Blockchain in Telecoms, which is undoubtedly debatable and promising, both at the same time.
It seems that the rising yet the controversial popularity of Blockchain has triggered interest in big corporates like IBM. An article released by IBM in January declares the company’s intentions in mixing telecom and blockchain. An abstract from the article says: “From our survey of 174 C-suite executives from the telecommunications industry we found that a significant 36 percent of CSP-organizations are already considering or actively engaged with blockchains. Though blockchain technology is still young and evolving, many CSP executives expressed confidence in its potential for their organization.”
It seems to me that Blockchain is a force. It is taking its shape and following its own course, no matter the debate and bans. It has to be agreed that Blockchain is a promising technology that can change the way things have been followed for years. What is yet to be seen is the stay of it! Opinions expressed here by Contributors are their own.