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The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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blockchain

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:

Unprecedented security

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. 

Blockchain market

(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. 

Cell carriers

(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.

When it comes to the UK, according to Tech Advisor, networks like EE and O2 are among the better-performing ones. 

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

Seamless micropayments

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

Bitcoin

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.

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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