Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation.
There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated.
A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified.
Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders.
Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:
The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are few more fascinating than that between the burgeoning digital ledger and the telco industry.
Identity plays a significant role in fostering Deloitte’s excitement over the implementation of blockchain within telecommunications. In the company’s 2018 survey focussing on blockchain, over half of the respondents said that their company is already working on blockchain-based identity solutions.
Because of the unprecedented level of security provided by blockchain, a secure record of identities for users, assets, personal devices and IoT endpoints can be established. The arrival of such powerful measures to ensure our safety will play a significant role in reducing fraud and building trust within the industry.
(Chart showing the size of the blockchain market in $ billion. Image Source: Statista)
Deloitte goes further to explain that the security that blockchain will bring won’t be limited to protecting our personal records, but also bring flawless privacy for our devices, content and accounting records. “Transactions stored in a blockchain are encrypted, time-stamped, and synchronized across the entire network. Likewise, the identities of transacting parties and devices are cryptographically unique and registered on the blockchain,” Deloitte’s insights team surmises.
The arrival of blockchain is likely to play a key role in modernising the communication industry that has remained largely unchanged in the 21st Century.
As an example, UpGuard produced a research based on their security tests of major US cell carriers. And, as a matter of fact, the results leave us hoping for the best.
(The higher the score the more secure the network appears to be. Image Source: UpGuard)
As you can see, most carriers have a long way to go to ensure our privacy.
The case for efficiency
There’s also plenty of scope for blockchain actively improving the efficiency within the telecommunications industry. Delta Partnership Group highlights the reduced time of execution needed for information to be stored within a blockchain as a key factor in enhancing performance within telco.
In a published paper entitled ‘Blockchain’s potential for the telecom industry,’ a team of authors explained that “for industries with regular and low-value interactions with their customer base, such as telecom, blockchain can verify and automate transactions, with increased transparency for the end customer. The higher the number of low-value transactions, the greater the potential of blockchain.”
Essentially, the more people involved in a transaction, the better blockchain performs in the face of alternative technologies. For example, in a telecom intercarrier settlement scenario involving three parties, the blockchain will deliver three times the value compared to a two-player scenario.
In addition to this, the efficiency of blockchain will no doubt offer plenty of solutions after the advent of 5G connectivity for mobile phone networks. Given the complexity of such a high-speed and powerful network, a secure digital ledger may ultimately prove essential in dealing with so many different cellular connections and data transactions taking place.
Blockchain was initially conceptualised as a means to support the launch of the cryptocurrency Bitcoin a little over a decade ago. Although the potential of blockchain has caused a massive stir worldwide, it’s Bitcoin that initially took the world by storm after rallying to a value of almost $20,000 USD in December 2017.
Image Source: CoinMarketCap
The telecommunications industry can benefit greatly from the emergence of cryptocurrencies as a means of offering customers the option to make digestible micropayments for both calls and services through the medium of digital currency. Fundamentally, the decentralised nature of cryptocurrencies built on a blockchain network means there’s no more need for middlemen in the industry, and thus no more fees and surcharges to deal with when paying for services. Through the power of blockchain and crypto combined, the intermediary fees of international calling charges and roaming transactions can be assigned to the history books.
Whether you choose to embrace or evade the looming spectre of blockchain, we have to thank it for contributing to making the world that little bit smaller.
ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch
ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.
Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.
“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.”
The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.
The Company’s first mining pod is set to…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
Understanding the Dark Side of Bitcoin
Although Bitcoin is praised for its high-quality processes that lead a lot of people to wise outcomes and success, it has its own dark side. This side is less exposed to media and the people as it can possibly ruin whatever Bitcoin has worked for years, exerting lots of effort, expenses, and time. However, discussing this side will be a way for a better and deeper understanding to what Bitcoin really is and its main purpose and future. Given that, we have gathered the information already for you about the dark side of Bitcoin. So, let’s start!
Bitcoin provides a lot of advantages, but some government gave warnings that are not still founded entirely. The main reason behind that is that there are elements of criminality that seek to take advantage of the media hype and excitement around Bitcoin. One example scenario is when the cybercriminals launched Ponzi schemes that gave promises on investments through astronomical returns. After the money of investors have disappeared, this is the time when they realized that they were scammed. Therefore, the governments raised awareness advising the public to invest cautiously and uphold skepticism in life. If you want more information regarding this, you can go through the www.bitcoineras.com to better understand it.
Here are some of the ways wherein cryptocurrency is misused.