Many projects developed in the blockchain industry for the telecom sector promise seamless communication in the future. In this article, let us study some of the top 5 blockchain projects in the telecom sector.
Blockchain in the telecom sector
Blockchain can change almost every industry, including supply chain, finance, healthcare, and telecom. Blockchain is emerging as a revolutionary technology that can eliminate every issue associated with the telecom industry. It helps in fraud prevention, KYC procedures, financial procedures, transparency, and security. Many startups are working on solutions in the telecom sector. We will further study the top 5 blockchain projects in the telecom sector.
Some of the use cases of Blockchain in the telecom sector are:
- Roaming and Settlements: Roaming is one of the significant issues in the telecom sector, and smart contracts on the Blockchain can resolve the issue by eliminating third-party intermediaries and SLA automation. Blockchain helps in providing tamper-proof verifiable transactions and real-time updates to the end-users.
- Identity management and fraud prevention: Blockchain addresses the fraud issue in the telecom sector by offering decentralized storage and hence reducing the submission of fraudulent documents.
- Mobile number portability issues: Blockchain can help solve the problem of mobile number portability by providing a single source of truth where the service providers can review and action requests. The distributed data will help access the shared data quickly, and hence MNP can be achieved instantly.
Top 5 blockchain projects in the telecom sector
Many startups and emerging companies develop blockchain projects to resolve the low points in the telecom sector. Several companies — big and small, telco and non-telco, have made immense advancements towards the amalgamation of Blockchain in the telecommunication industry.
Below are some of the top 5 blockchain projects in the telecom sector.
1. DENT (DENT):
DENT is a blockchain-based platform that allows users to buy and sell packages. It can tokenize, liberate and democratize mobile data and its bandwidth.DENT has developed a marketplace based on the Ethereum blockchain, which allows the buying and selling of data packages. DENT helps in creating an easy and transparent data pricing landscape.
QLC chain or Qlink is the first public Blockchain for a decentralized network. It is working on a project to build a Network as a service infrastructure that can implement smart contracts. Smart contracts help to facilitate DApps and other functions of the network. Qlink network solves the issue of oversupply of network capability, undersupply of network access, centralized operations, etc., by decentralizing the marketplace for telecommunication and connectivity.
Telcoin is the first cryptocurrency built on the Ethereum blockchain and is used to make payments anywhere if the mobile number is known. It is distributed exclusively by GSMA mobile network operators. It facilitates efficient remittance access to cryptocurrency and crypto-based card payments.
BubbleTone is a blockchain-based telecom project which aims to remove roaming charges. This project aims to provide the users with the liberty to travel to any country without replacing their sim cards. This will help the users to make calls and use data-based services at a local rate with local operators. This project will enable us to go global without involving any complex network integrations.
BLOCKSIMS is a decentralized payment gateway using blockchain technology to resolve problems attached to traditional telecommunications.It helps eliminate the fee charged by the data and voice service providers and provides the users with rewards and bills generated using digital advertisement. The BLOCK SIM platform employs the Ethereum blockchain to provide transparency and enable seamless information distribution. It also eliminates the need for intermediaries and incentivizes the users to adopt the platform.
Blockchain is a revolutionary technology that has supported the telecom industry by increasing efficiency and inculcating trust and transparency in the telecom sector. Many well-known telecom companies enable micropayments for music, mobile games, and other value-added services. Also, the distributed ledger technology of the Blockchain .Blockchain will take the entire telecom world into the future by exploring and discovering new opportunities.