I want to share with you based on our latest research and development some of the very interesting use cases for Blockchain in the Telecom Wholesale industry and how TelecomsXChange will start integrating blockchain in its plaform for current and future community members to enable more scalable, secure and decentralized payout system for telecom carriers powered by the blockchain smart contracts.
How can Telecom Carriers benefit from Blockchain technology?
Make sure that you first understand the basics of the blockchain technology and how decentralized systems are changing the world today.To learn the basics of the blockchain please start with google and youtube.
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible.
Assuming that you’re now familiar with the basics of what is Blockchaintechnology and Smart Contracts, we will dig a bit deeper in our vision with how we can utilize blockchain in the Telecom Wholesale industry to end fraud and improve the overall business process and work flow for all carriers around the world.
First of all its important to understand that this is not an overnight shift that can be made or something that will happen immediately and quickly but if most carriers understand it’s benefits that will help expedite the process of implementing and benefiting from the blockchain network as soon as possible.
Am pretty sure that you have already heard of Bitcoin crypto currency, which is valued at $16,481 (as of writing this article) and what you might not know that there are hundreds of other crypto-currencies out there forked from Bitcoin as well, many governments and financial enterprises are heavily investing and working on BlockChain and crypto currencies today because it is the future of the internet.
Now let’s get into the 3 steps that we see required for carriers to start utilizing blockchain technology within their business work-flows.
1. Creating a crypto currency wallet:
First of all its very important for telecom carriers to have a way to cash-out their money and transfer them to their bank account, to do that with crypto currency you must connect your bank account with your crypto currency wallet, this can be done easily on crypto exchanges like Gatehub and CoinBase .
Once you do that you will have a wallet address for each currency you desire to own (Bitcoin, Ripple , Ether, etc..) which you can simply give to your customers to send you payments on it every time they need to pay you, that’s it now you can accept crypto currency and transfer them to your bank account.
2. Interconnect with other carriers using crypto-currency wallets:
This is probably the most challenging part for carriers, however the good news that TelecomsXChange already solved this problem by helping its members (400+) create crypto wallets addresses which they can use with their existing platform that they trust to request a payout to their bank account for fraction of the cost that they usually pay to banks.
So each TelecomsXChange member will have a decentralized wallet address that is on the block chain network which can receive and send funds by the owner anytime or completley really on Smart Contracts on the blockchain to automatically payout everyone when a criteria in the contract is met.
3- Utilizing Smart Contracts:
Instead of having to do anything manually or get any middle men involved in the process of who gets paid and when, we can enable 2 carriers or more create a smart contract in few minutes that both parties will agree on e.g 7+3 or 15+15 etc.. , then when both parties agree to this deal then they the Smart Contract is uploaded to the blockchain network for execution, The smart contract cannot changed or modified after it has been submitted so lets say that AT&T and Telecom Italia agree to pay each other the balance due every 30 days, the smart contract will execute the payment from AT&T wallet to Telecom Italia Wallet exactly when time is due.
As you can imagine, this will save so much time for all parties and guarantee that a contract is executed automatically by the decentralized blockchain as soon as the contract criteria is met.
As you can imagine this is just a single task that we utilized the blockchain to do an excellent job at it !
I hope you enjoyed this initial idea that we see with blockchain technology in use for telecom carriers.