With the rising use case of blockchain technology, it was a long-overdue the telecom operator in India would launch some research in the segment.
Bharti Airtel, Vodafone India and Reliance Jio assessing the use of blockchain technology that will create new revenue streams and lower operational costs for the companies, said an ET report.
To generate new revenue streams, the blockchain technology can be implemented by communications service provider (CSP) in various categories such as digital asset transactions (micropayments for music, and mobile games etc.), mobile money (subscriber-to-subscriber money transfers, international remittance) and identity-as-a-service.
Besides, the technology can also be implemented in faster identification of visiting subscribers, prevention of fraudulent traffic, claims reduction, supply chain management and improve efficiency between CSPs, among others.
The report added that Vodafone India, which is working with IBM in blockchain technology, is already at the proof of concept (PoC) stage. Another competitor Airtel is doing initial trials in the technology. And the market leader Jio is developing new use-cases and applications via blockchain.
Experts believe that the introduction of blockchain use cases by telecom operators will be the prime use of the technology when it will become rampant in every walk of life.
The use of blockchain technology is also being evaluated in other sectors such as banking, education, drugs and movies, among others.
In a recent report, Moody’s Investors Service said that the technology can significantly impact the efficiency of bank operations and reduce the costs and time involved in cross-border banking transactions.
While Indian government doesn’t love cryptocurrencies at all, it has a significant interest in the backbone of cryptocurrencies–blockchain
With the digital certification of educational degrees, the Indian government is planning to introduce the solution.
According to media reports, the government is also eyeing to leverage the technology for curbing usages and sales of fake drugs. It intends to complete a ‘proof of concept’ (PoC) solution by the end of 2018. The solution is expected to roll out in the beginning of the next year.