Use Of Blockchain in telecom and media industry

Use Of Blockchain in telecom and media industry

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Blockchain is a growing technology, and the technology is evolving and publishing new ways of use of the same with each passing day. Blockchain's strongest feature is that it is omnipresent. You will find its use in it, regardless of the form of industry. Some of the functions that make Blockchain a universal technology are decentralization, immutability and provenance. The use cases of Blockchain in the media and telecoms industry will be illustrated in this blog.

Blockchain: Game-changing media and telecommunications technologies

Blockchain, as we have already stated, has the ability to influence almost every industry. Blockchain use in the telecommunications industry is projected to rise from USD 46.6 million in 2018 to USD 993.8 million by 2023, at a CAGR of 84.4 percent between 2018 and 2023, according to a recent study.

All this development is due to Blockchain's certain characteristics, making it one of the most popular innovations of the day.

Process simplification: Speaking about the usage of Blockchain in the telecommunications industry, it can be used to simplify the process. Procedures such as identity authentication take a lot of time for KYC. In addition, storing all this information on a centralized database still presents a data breach threat, but we can simplify the process with Blockchain. Blockchain is now being used for KYC by the banking and financial segments, and the same can also be used in the telecom industry.

Telecom companies may use programmable blockchain technologies to automate SLA agreement documents into smart contracts and demonstrate a real-time view to the stakeholders. Micropayments: Another use case for Blockchain may be micropayments used to purchase mobile games, music, ringtones, etc. online. With the use of Blockchain, bank account details, credit data and sensitive information are not expected to be exchanged with third parties. All will become more stable, in simple words. Online advertising management: There is so much knowledge and it is difficult for any business to handle it. Telecom companies will use an infinite source of data present in the online advertisement field with Blockchain technology and use it in a better way.

Better control over the content: One of the major problems faced by most content creators is that they have less control over their content, and the payment is not as per the standards, mostly because content creators have to share their money with sites that share content from third parties. With Blockchain, the producer of content may communicate with the user directly, granting them full control over the content. The payment falls directly to the producer of the material at the same time, so they don't have to share the sum with anyone.

In addition, the encryption function is a feature of Blockchain that will be useful for both the media and telecommunication parts. Blockchain offers data encryption that makes it totally secure.

Completion All of this has made Blockchain the future technology. It has the power to alter the way the organization works, and if you also want to be part of this change, now is the time to sign up for the Blockchain certification by the Blockchain Council.

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