World’s data and analytics company, GlobalData has urged telecom companies across the world to build capabilities to capitalize on billion dollar Blockchain opportunity in the face of their dwindling fortunes.
Touted as the most reliable business adviser, GlobalData noted that Blockchain is billed as the next $1 billion opportunity, hence, telcos must adapt their networks and train personnel to take advantage of Blockchain capabilities, ranging from the elimination of hate roaming fees to accelerating the broad availability of connected device services like drone deliveries.
“Of late, Blockchain is generating many headlines, mostly related to cryptocurrencies like Bitcoin and the prospect of a new paradigm for fully secure transactions. Market projections point to a billion dollar telco Blockchain market in the next five years. Looking ahead, consulting stalwart Accenture sees the potential for a $1 trillion global telco Blockchain ecosystem,” Globaldat said through Ron Westfall, its Technology Analyst.
It added that even with the wide variance in market forecasts, there is a broad industry consensus that Blockchain will grow significantly and play a powerful role in transforming the telco business model and overall industry.
Operators on a global scale are gearing up to capitalize on a variety of Blockchain capabilities. Several of them are far along in the testing block chain to address the immediate opportunities such as eliminating widely loathed roaming fees.
Major operators such as BT, Colt, HGC Global, Telefonica and Telstra are already engaged in a high-profile Blockchain trial aimed at accelerating the settlement process of their wholesale services. Verizon is financially backing Blockchain specialist Filament with the goal of using blockchain to ease the use and payment of connected device services such as drone-based deliveries and monitoring.
Through Blockchain-enabled direct communications to mobile device SIM cards, mobile operators would love to offer their voice and data services to international travelers visiting in their coverage areas. The operators benefit by accessing a vast new customer base of travelers while also avoiding costly integration into third-party systems or spending heavily on upgrading inflexible legacy systems as well as building new complex systems.”
However, operators have traditionally struggled to sell anything beyond voice minutes and data bytes. Blockchain requires a level of technical know-how and marketing sophistication that will not come overnight.