In the beginning, the blockchain technology was discovered to the tech market with the purpose to protect the bitcoin and other similar currencies. And, just after one year of inception, it started expanding its wings in other applications such as telecommunication, real estate and medical fields. Most of the people consider blockchain and Cryptocurrency a similar topic which is incorrect as blockchain is not a Cryptocurrency, instead, it is a technology that runs crypto currency or digital ledger. Blockchain technology consists of a distributed ledger technologies that are structured in a manner to record and track information from financial transactions to medical records and assets ownership.
It has role of keeping all the records of the historical ownership of an item along with its originality. For instance, prior to purchasing a diamond, buyers could check and track their previous ownership, beginning from where it was extracted that affects the price of any property. If we speak about the medical field, blockchain technology when first initiated its process was under the role of tracking patients’ medical history. Also, the same theory goes to the professional history of the doctors, too. To deal with Blockchain issues and troubles, users can always talk with the skilled professionals via calling on Blockchain helpline number which is functional all the time for assistance. You can talk to the team anytime for better results in no time.
Blockchain application in Telecom Industries
The biggest challenge faced by telecom industry is to innovate in the competitive market that reduces costs at the same time to balance the prices and keep the prices at an affordable range. This inventive technology is the perfect solution for a few requirements of telecom Industry. Having proper grasp on the data, this technology is used across numerous applications in the telecom industry. Other applications include computerization of internal operations like billing, roaming, and supply chain management.
Automating the billing system via using smart contracts helps in saving time, money and also lessens the possibilities of fraud. It results in making the entire process of accounting and auditing automated that would save money for the telecom companies.
Emerging digital services via Blockchain
Blockchain technology has immense elements to offer to the telecom Industry. There are chances of building new revenue sources through blockchain technology for telecom companies. Though these services are not completely discovered yet, still going to play an important role in near future includes customer-to-customer money transfers, online payments, etc.
Money transfer is the need of an hour as it is quite obvious that since blockchain has moved from just a theory to actual applications via Cryptocurrency, many telecom companies are still to utilize this concept to allow users to transfer money to other customers through a blockchain-based service.
To know more about Blockchain technology, you can always call on Blockchain support phone number which is functional all the time for assistance. Talk to the team anytime for availing good results and procedures.