The future of the telecom industry unveiled at Paris Blockchain Week

Paris Blockchain Week has gained public attention as one of the most recognized annual events in the industry. The event has since aimed to bring together blockchain enthusiasts, developers, entrepreneurs and other stakeholders from around the world to explore the latest opportunities in the blockchain industry. Attendees can participate in various activities at the event, including keynote speeches, panel discussions, workshops, hackathons and networking events. Through these activities, Paris Blockchain Week continues to give organizations and individual thought leaders a chance to spark ideas and present solutions for mass adoption. One of the most notable at this year’s event was using the decentralized ledger in telecommunications.

Currently, the telecom industry is largely built around billing and payment processes, which directly affect revenue and customer satisfaction. Unfortunately, traditional centralized systems for these functions often result in errors and inefficiencies due to the highly complex nature of these systems. With mistakes comes customer disputes, and with disputes often comes revenue leakage, which can significantly damage a company’s profitability over time.

In addition to being error-prone due to a lack of transparent systems, companies in the telecom industry also face challenges with security, especially hacks from malicious entities that want to exploit vulnerabilities in the system for their own personal gain. Although just one example, fraudsters have been known to use phishing, among other methods, to gain unauthorized access to data or to manipulate call records or other billing information.

A third challenge concerns roaming. Customers traveling abroad may face high roaming charges, leading to bill shock and frustration. Meanwhile, telecom operators face their own challenges, such as managing complex roaming agreements with other operators and ensuring a seamless roaming experience for customers. Fortunately, several experts at Paris Blockchain Week agree that there is an opportunity to develop the telecommunications industry using blockchain technology.

Where telecom meets blockchain

Blockchain technology has gained significant popularity in recent years, revolutionizing several industries and transforming their business. The telecommunications industry is one such sector that can reap huge benefits from integrating blockchain.

Blockchain technology solves the challenges of the telecom industry by providing a decentralized, transparent and tamper-proof ledger that allows telecom operators to automate their billing processes. With blockchain, telecom companies can create smart contracts that automatically execute billing agreements based on preset conditions, reducing the potential for human error and disputes. In addition to streamlining the invoicing process, blockchain technology enables secure and frictionless payment options, including cryptocurrencies.

When considering security measures, the decentralized and transparent network offers a virtually tamper-proof system, making blockchain an attractive option for protecting sensitive data. By leveraging blockchain’s distributed ledger technology, telecom operators can ensure the authenticity and integrity of their data, as all transactions are recorded and verified by a network of nodes. Any attempts at unauthorized access or modification can be easily tracked, enabling quick action to be taken to prevent further security breaches.

Blockchain’s same tamper-proof and decentralized nature also ensures that all transactions are transparently recorded, providing greater accountability and reliability in the roaming process.

As a Blockchain Week speaker highlights, these three applications of blockchain technology are just a few of the reasoning behind why this technology holds the future of the telecom industry. Others include effective Internet of Things (IoT) management and the complexities of integrating Customer Relationship Management (CRM) solutions.

A solid foundation for Web3

These concepts for the future of the telecom industry were presented by Emeldi Group (EMG), a privately held software provider specializing in providing disruptive products to the telecom industry. In addition to its focus on innovative software solutions, EMG has also established a strong relationship with blockchain technology through its blockchain-based Super App.

The EMG team speaks at Paris Blockchain Week. Source: YouTube

With over 46 telecom deployments and more than 60 million customers served by their merchant CRM, the EMG team continues to push forward the mass adoption of blockchain technology in the telecom industry.