Blockchain support for Telecommunications and crypto phones
The Telecommunications industry has taken an interest in blockchains and soon we might be able to use smartphones that operate on blockchain technology. Telecom industries are taking crypto to a new level by introducing the integration of Decentralised Applications or Dapps.
Telecommunications in blockchains
Telecom industries are migrating to a blockchains based infrastructure for their business as well as services and products. This model comes with a low cost and better efficiency which are prime reasons for this infusion. Industries are being pressurized to adapt a more productive model with higher bandwidth but cheaper rates. All this when integrated with blockchains, also brings a promise of security. Over the next five years the investment in blockchains by telecom industries is expected to be somewhere around $1 billion.
The smartphone revolution has been dormant for while now with major changes coming only in the form of design upgrades, version upgrades and some new curves. Smartphones devices based on crypto and blockchains a.k.a. Crypto phones, are the latest hype in the market. Crypto phones are equipped with a plethora of apps or Dapps, while also making it life easier for a daily crypto trader. Built with an inbuilt crypto wallet to keep your coins safe, a crypto exchange system that can help liquidate your holdings and the best part is these features come with zero fee transactions.
Gadgets to look for :
Sirin Labs Finney :
Sirin labs in collaboration with the cell phone giant Foxconn has come up the with the Finney platform to be priced at $1000. It is expected to come with a built-in wallet, built-in exchange and a much more. The most fascinating part of this project is that you could monetize your hotspot. Yes you heard it right! You could let people use your hotspot for a small fee. Sympathies to the freeloader roommates.
HTC Exodus :
The smartphone giant has invested its years of research in this project, also recently joined by Litecoin creator Charlie Lee. Lee acts as an advisor to the development of this project due to its deep understanding of crypto community. The company is keen on maintaining silence over the features of the gadget but has revealed the expected ones. The gadget encases a cold storage wallet to keep your crypto safe. It also comes preloaded with the hugely popular Ethereum based game Cryptokitties.
Use cases of Blockchain–
Billing and Number portability
Blockchains can be used to streamline billing and porting requests. If service providers and customers are a part of the chain than any porting request can be executed almost immediately, saving time. Also as we have seen in various applications of blockchains, transaction and service rates are drastically cut down, this way services can be low cost or even cost free for customers.
Telecom service providers are constantly in pressure to deliver low cost services, with higher bandwidths, more efficiency. This scenario calls for a blockchains based solution as blockchains can reduce the rates for roaming connections which is basically a function of access and authentication.
Blockchains can facilitate purchasing digital assets like mobile games, music, applications, gift cards and loyalty points. It is faster and cheaper to buy assets on blockchain, also trustable due to smart contract based transactions.
Blockchains have helped in remittance payment for overseas money transfer already. In our previous article Remittance in Blockchain, we have explained how blockchains make it easier to transfer money overseas and how this market has become one of the most stable options for investment. Blockchains based devices can also help managing crypto wallets in more secure way.
Read our article on how to invest in cryptocurrencies and earn a living here.
The Blockchain Identity revolution has enabled users to manage different aspects of their identity in a more secure manner. Blockchain adoption could significantly reduce roaming fraud and also optimize ID management. This can be done through instantaneous and automated processes based on smart contracts.
A blockchain can enable secure and error free peer-to-peer connectivity for thousands of IoT devices with cost-efficient self-managed networks. For example, machines within a manufacturing plant will be able to communicate and authenticate themselves via the blockchain to steer production processes.
Future of Telecommunications with Blockchain Industry
Blockchains have not just entered the telecom industry and the crypto phone business. Opera has also launched a built-in crypto wallet. Opera has taken measure of anti-crypto jacking measures pre-launch of the feature.
IBM, another leader in technology — as well as an emerging force in blockchain technology — is also starting to develop the potential for blockchain in the telecommunications space.
In January, IBM wrote a blog post about how blockchain can help the telecommunications business, identifying its ability to streamline internal processes, build blockchain-based digital services, and provide trust, security and transparency in business ecosystems, including the IoT:
“Blockchain is currently one of the most talked-about technologies. Across industries, organizations are exploring blockchain’s potential impact in their space and how they can benefit from this emerging technology. The communications service provider (CSP) industry is no exception.”
This post was originally cited from the Coincentral.com
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