From the existence of Telecommunication, it has been the lifeblood of contemporary society and has made the world a global village. The significance of telecommunication has increased significantly after the successful implementation of globalization, privatization, and liberalization came into existence. That leads to new and important marketing vehicle in terms of telephone and internet services, crossing the interface of the territory.
For a few years ago, telecom firms have been leveraging IoT (Internet of Things) and Blockchain technology to accelerate telecoms transformation, adapting the way Communications Service Providers (CSPs) function. Both technologies create a great opportunity to assess and share information across sectors.
The IoT data analytics currently are gaining more traction and adopted widely to harness monetization opportunities to drive profit margins, and it will continue to grow as devices gradually become more connected.
Blockchain in Telecommunication
Major telecom providers now are adopting Blockchain technology for more precise, consistent, and transparent functionality. As blockchain increases trust due to its shared view of secure data capability, vendors and service providers progressively interested in the technology.
Considering the IDC report, global investment in Blockchain is predicted to reach nearly $2.9 billion by the end of 2019. Investors are seeking the speed, agility, efficiency and advanced level of security that the technology offers, along with other benefits.
Blockchain also improving coordination between partners, allowing telecommunication providers – that improved their digital functions to this solution – to wipe out the third-party requirement, significantly saving costs, offering incentives with higher profit margins.
IoT Brings More Advancements
The development of interconnectivity between IoT devices – smart or autonomously driving vehicles and surveillance cameras – has prioritized the requirement for Big Data management. Taking the benefit of it, telecom units now join forces with IT service providers and leading blockchain platforms for expert support to comprehensive solutions.
Earlier, it was reported that more than 20 billion connected devices would be in used by the end of 2019, enabling service providers to tailor their strategies, data services, creating their telecom infrastructure. Also, the upcoming 5G rollout and evolution to smart cities, established on device inter-connectivity, will increase the number of connected devices further. However, the gregarious nature of 5G network architecture augments security vulnerability questions that Blockchain tries to resolve.
Telecomm Transforms the Entire Society
Telecommunication assists a nation to accomplish its goal, helping the government and its several departments to engage with the people of the country to know about their needs and meet these perfectly and righteously. It can also help developing countries to achieve their goal through modernization, industrialization, and automation, as it allows people to enjoy the power of e-governance. With the aid of the internet and telephony communication, today it is easy to share data and exchange ideas and information that help societies to transform into an information society.