Cryptocurrencies . 13 Dec 2021
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Recently Vodafone Idea (VI) has partnered with Tanla Platforms, a cloud communications company, to encrypt its international messaging traffic on the Vi network using blockchain technology. This partnership will be hosted on Tanla's cloud-based platform called 'Wisely' co-developed with the help of Microsoft, strengthening the global marketplace of both enterprises.
Blockchain is an unchangeable ledger for recording transactions, tracking assets and building trust. Blockchain technology is a solution to centralization; it's a system for keeping records by everybody without the need for a central authority. Blockchain technology is an innovative way to implement decentralization.
There are mainly four elements required for the implementation of blockchain technology.
Blockchain technology is building a digital society; convergence of blockchain technologies and distributed ledger, smart tokens, physical and real-time data through IoT will redefine the DeFi sectors in ways we have never imagined. Currently, we are moving towards the fourth digital revolution, which will be a merger of five or six kinds of technology digitizing billions of lives. Blockchain is expected to provide benefits to the telecom and CSP industry in the form of cost simplified savings, simplified processes, improved collaboration, new revenue streams, and real-time transparency. Besides these, blockchain technology is also expected to help resolve industry challenges, including concerns about digital identity, data privacy, delay in dispute resolution, maintenance of complex agreements, and GDPR and roaming fraud, among others.
There are three primary use cases where blockchain technology can add value in the Telecom sector:
With the emerging 5G industry, uses of blockchain technology in the telecom sector are widespread, which includes payments through mobile wallets with blockchain, device identity and security management as more IoT and edge devices enter the network and many more.