#How blockchain is starting to change the game
“Bitcoin is dead, and gone” announced a highly reputed international media back in 2011! 8 years later, bitcoin is still alive and kicking despite its hyper volatility.
Over the past few years we’ve been seeing the almost surreptitious emergence of a whole new ecosystem made up of crypto-currency, e-contracts and blockchain. Blockchain? That term that sounded very, very alien to most of us not so long ago? Yes, the decentralized, encrypted online ledger that enables transparent tamper-proof, real-time records managed by a peer-to-peer network. But where only the owner of a particular chain has the digital key to access it! The arrival of blockchain is the beginning of the next revolution in the digital transformation, creating a new world of virtual transactions.
Poised to be a global game-changing technology, blockchain is set to enter a new era in 2019 but the adoption curve is still at a very early stage.
Global Carriers, early blockchain adopters
Experimental trends across a number of industries are already sparking interest and proof of concepts. Carriers are among early adopters. A group of six global carriers, including Orange International Carriers, demonstrated success in a recent worldwide trial of blockchain for international settlements coordinated by the ITW Global Leaders’ Forum. The result is promising! It was essential to establish that blockchain-powered settlement of international voice transactions could be done on a multi-lateral basis and in a secure environment that is able to handle the fast pace of transactions between operators. The trial has showed us that yes, we can do it!
What value potential of blockchain for carriers?
This revolutionary technology, blockchain, will disassemble the system as we know it and open up a whole new way of working together. It will bring about significant transformations to enable us to increase efficiency, security, productivity and reduce complexity and costs. Yes, blockchain is a big step forward that will enable carriers to positively develop the sector and bring substantial value in several areas. Service innovation, for example, where the use of blockchain will serve as an underlying technology for new service development in the mobile money, digital asset transactions, smart city vertical applications, but also in IoT networking and the 5G enablement.
Another area is the application of blockchain for carriers is to increase efficiency of inter-carrier processes capacity trading process on connectivity provisioning, contract handling and contract settlements as well as roaming and network security.
And we carriers believe that the full value potential is yet to come. Over 2019 the group of six global carriers will be exploring how to extend the system to newcomers beyond Proof of Concept and get the broader industry onboard. Further benefits could be obtained such as fraud detection and prevention, cryptomoney and participation in other blockchain initiatives.
Awesome new capacities! And the blockchain adventure is only beginning!