Critical Success Factors for Blockchain in Telecom
Blockchain has all the potential for significant business transformation across industries and functions. The opportunities are real, and the benefit potential can be substantial. But there are crucial aspects that are required for the swift and efficient adoption of blockchain in telecom. These include:
- Long-term collaboration and a roadmap-based approach are necessary to successfully capture the value that it offers. While several consortiums are moving in the right collaborative direction, there is a need to consolidate and build industry-wide standards.
- A partner ecosystem needs to be built to strike the right balance between delivery experience and innovative spirit. This will result in high-quality outcomes and pave the way for benchmark solutions across functions.
- CSPs will need to build excellence in technology to identify enterprise-wide high-impact opportunities, strategies to break down legacy exit barriers and create a roadmap for long-term transformation.
- Companies will need to future proof their processes by using new-age technologies like 5G and IoT. Billions of new telecom subscriptions will be generated in the future and that will increase the potential for fraud. Technology can help protect these new and existing subscribers.
- Regulatory harmonization and support are needed to derive the regulatory norms and flexible frameworks that provide a conducive environment to embrace blockchain in telecom. But ironically, blockchain and general data protection regulations (GDPR) aim to prevent fraud, but conflict on approach and technicalities. Regulators should collaborate to identify and build industry-wide standards.
CSPs are Steadily Adopting Blockchain Applications
Blockchain is already one of the most potentially disruptive technologies. And despite certain challenges and limitations, it is here to stay. Many CSPs are following a consortium-based approach to adopt blockchain-based solutions in a trusted and collaborative way. Features like real-time identity, access management and secured billing and payment solutions are the most common areas where blockchain identity management can reduce fraud.
While blockchain in telecom can provide benefits to CSPs, there are challenges to overcome – exit barriers with legacy technologies, regulatory conflicts with GDPR, lack of integration and interoperability, benefits currently only realized in large-scale operations and lack of industry-wide standardization. But with the help of strategic technology partners like Wipro, telecom companies can overcome these challenges to leverage a blockchain ecosystem to maximize benefits and move into a more advanced, robust and secure future of telecom service.
Key Steps for Telco Organizations
Considering the far-reaching benefits of blockchain technology, telecom organizations are building a long-term view of the future state while initiating blockchain journeys. Organizations will need new capabilities across the dimensions of strategy, people, process, data, technology and experience.
Wipro is a full-suite digital service provider of blockchain, that enables better strategy, design, build, deploy and manage service capabilities that are critical for the fast, effective and efficient adoption of blockchain. Telecom organizations are in different stages of their blockchain journeys – strategizing new models, building/launching solutions, advancing monetization models. Wipro has curated solutions that cater to the precise needs of organizations in any specific phase of blockchain integration.