Organizations functioning in different fields look for ways to reduce their underlying costs. The same happens with the telecom industry as well. Organizations in this field wish to do this to improve business profitability. Like other industries, organizations functioning in the telecom industry also face a few pain points. You can learn about the pain points that the telecom industry faces here:
Pain Points Faced by Companies in the Telecom Industry
Frauds
According to a study, telecom service providers lose a lot of money due to fraudulent activities every year.
Price Wars
New telecom companies continue to enter the market every year. They offer a lot of data packages and free calls to prospective and present customers. So, fixing the right price for their data packages and calls is the biggest issue faced by telecom organizations.
Business/Operation Support systems
The technologies that telecom companies use are not protected, stubborn and collaborative. The outcomes are process inefficiencies, poor implication on profit and loss statements and poor customer experiences.
Network & Infrastructure
Telecommunication communications are complex and they need considerable infrastructure investments and projects. Almost all telecommunication organizations have undergone the LTE/4G network set-up. By the time, they started to reap the benefits, 5G technology had entered the market. So, they are forced to upgrade again to this new technology.
How Blockchain Technology Addresses The Pain Points?
Blockchain technology addresses the pain points faced by Telecom industries in the following ways:
Anything As A Service
Blockchain technology can truly enable “Anything as a service” for consumers. This technology can make a marketplace in which one customer sells unused data and other customers try to sell a free calls package. This market will be block-chain enabled. It will function straight within the millions of subscribers of the telecom company. In turn, it will ensure the utmost utilization of the resources.
Decentralization and Sharing of the Economy
Decentralization is the key solution to nearly all pain points faced by telecom industries. Decentralization is one of the key features of blockchain technology. For instance, you might have heard about ground infrastructure. It is not owned by all service providers. However, one a few own it. Organizations work together and use the same infrastructure. As a result, they can avoid rebuilding costs. For example, in India, underground infrastructure was built by two major telecom companies. They are Reliance and Tata. The other internet service providers use the infrastructure developed by these two players.
Blockchain Eliminates Middlemen
When internal systems are commonly used by companies, external systems continue to be complicated, rigid and siloed. With blockchain technology, it will be possible to get rid of middlemen. Therefore, in processes like quote to cash, blockchain can help bring appropriate use cases like efficient MNP, carrier changes and inter-carrier settlements.
Many top players in the telecommunication industry have already started blockchain technology in many ways. So, if you wish to get out of the issues that you face, you can rely on blockchain technology with the utmost confidence.
