The telecommunications industry is seeing an increase in phishing attacks as the industry transitions to 5G services, underscoring the need for better security measures. According to a report by the Economic Times, India, which is the second-largest smartphone consumer country, is already facing a rise in the level of telecom-related fraud.
Consumers are eager to use advanced internet services following the commercial rollout of 5G, and fraudsters are exploiting this opportunity to commit telecom financial fraud. The scammers, impersonating telecom employees, send phony emails or texts, promising users a free upgrade to 5G services in exchange for sensitive personal information. Once the user clicks on the provided link or enters an OTP, badware is installed on the device, making it vulnerable to hacking.
However, the rapid adoption of blockchain applications in the industry may be the solution to this menace. The sector has already taken steps to incorporate the technology into most of its operations, including the automation of a majority of internal processes such as supply chain, roaming, and billing systems.
A report by Verified Market Research estimates that the incorporation of blockchain technology in telecom is expected to generate $5,309.28 million by the year 2028, with an 80% CAGR. And the global adoption of 5G will hasten this massive growth given that it enables efficient and reliable blockchain operations.
Blockchain is the key to the telecom industry’s most pressing need, which is to keep historical user records without the possibility of those records being altered, thus eliminating fraud. But this can only be achieved when industry standards are established and streamlined. While most people understand the value of blockchain, questions about specific use cases, what to expect, and where to begin are frequently raised.
Nearly one-half of all communication service providers worldwide are either actively discussing the use of blockchain or have already begun implementing it for select use cases. A Greyhound Research study points out three key areas where telco executives expect immediate blockchain value: protection of consumer data, radical stimulation of newer digital business models, and revival growth through newer products and services.
Ultimately, the value of blockchain for telecom, according to Indian Infosys, is in the transparency, security, rigidity of data and control it provides throughout the system. The IT company highlights five major user cases where blockchain can add immediate and tangible value to telecom, including roaming and settlements, SLA monitoring, prevention of device theft, identity management and number portability.
As blockchain technology proves its usefulness in the telecommunications industry, entities such as HIVE Blockchain Technologies Inc. (NASDAQ: HIVE) (TSX.V: HIVE) have a role to play in increasing people’s awareness of this new technology and its diverse applications.
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