What is blockchain?
Though the global hype around Blockchain technology may have since declined to a simmer, 2018 achieved significant exposure for blockchain technology with global venture investments more than doubling 2017. There has been a tremendous amount of effort put in to changing the ‘bitcoin perception’ of this decentralised data system, and rebranding it as a universal tool. With greater understanding of blockchain technology and the benefits it offers to business, many organisations and industries have been left wondering how blockchain could help them.
At Unico, we have found blockchain to be the solution to complex, mission-critical challenges, such as supply chain efficiency for Meat and Livestock Australia (MLA). Blockchain technology allows for transparency, security, real-time information updates and access, and improved efficiency. Decentralised storage of information is proven to be extremely unlikely to fail, and is highly valuable within complex systems where trust is low and accountability is difficult to gauge. It’s left many wondering how else these attributes can be leveraged and what industries would stand to benefit from a technology that’s immutable and inherently decentralised.
Blockchain in Telecommunications.
While there has been a heavy focus on benefits of blockchain for the financial industry and international trade, how can other industries such as telecoms leverage this technology? Is blockchain technology the key to transforming the fragmented telecommunications arena in its mission to tackling fraud, one of the largest challenges the industry faces?
Recent developments have shown blockchain is a promising contender for significantly mitigating the annual high cost of fraud in telecoms. According to the Communication Fraud Control Association (CFCA), fraud costs the telecoms industry 1.69% of all revenues – that’s over $38 billion per annum. Identity and device theft are two of the main causes of telecommunication fraud, costing billions.
Using blockchain could be an effective way to detect unusual usage of an account or to identify identity fraud. Blockchain’s public key cryptography can be implemented in a way that will link a mobile device to the purchaser’s identity. Moreover, roaming fraud would be mitigated utilising specific blockchains between every pair of operators that have a roaming agreement, which will notify the roaming partners every time a subscriber executes an event in visiting a network.
Furthermore, blockchain can be used for identity and data management, which will not just be useful, but will generate new streams of income for the telecoms service provider. Telecoms can provide clients with an embedded-SIM (eSIM) or develop an app which creates unique virtual identities for owners and their phones, which are encrypted and stored within the blockchain. This is similar to using Facebook or Gmail logins to access websites, and will cut down on-boarding time.
Virtual identities create an easy way to access smart vehicles, apps, purchasing online, aeroplane tickets, along with document verification and driving licenses etc. Gone will be the days of creating separate accounts, and multiple complex passwords that you can never remember.
There are so many applications and ways to innovate with blockchain, ways that we’ll continue to see organisations and industries innovate with time. Take for example doc.ai who want to revolutionise healthcare at scale through AI (artificial intelligence) and blockchain technology. Is this the future?
Get in touch for a free consultation to explore the opportunities available for you and your business today.