Blockchain was originally intended as a means to enable a trustless cryptocurrency—Bitcoin. However, an increasing number of sectors and stakeholders view the technology as an attractive option to address existing business issues and disrupt traditional industries. Blockchain is a distributed ledger with big promise in financial services. Blockchain application cases have mostly been discovered in banking. Blockchain technology can help insurers innovate insurance products, growth products and services, fraud detection, and price improvements and cutting costs. Blockchain technology allows organizations to access enormous talent pools, readily verify facts, and not rely on third parties or third employers. Blockchain has become a new frontier for venture capital, attracting banks, governments, and businesses. In this chapter, the authors present a novel approach or methodology for utilizing blockchain technology to manage businesses or other types of industries.
The study analyses the transformation of the telecom industry through blockchain technology as instructed by TRAI. India is a developing country where many sectors depend on telecommunication, which made the telecom industry adopt blockchain technology to eliminate various shortcomings and provide security, transparency, immutability, and control from the point of transaction and have an immediate and tangible value to roaming and settlements, identity management, mobile number portability, SLA monitoring, prevention of phone theft, and by creating a single source of truth of networks. Other use cases emerge including 5G participants with blockchain, telecom infrastructure marketplace, payments through mobile wallets, device identity, security management to elucidate timeworn industry disputes, unveiling of latest products and services with security, and drive growth to the new world of digital transformation.
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