Report Says Blockchain Will Become a $1 Billion Dollars Industry in the Telecom Field

Blockchain technology seems to be expanding everywhere around the world, and the Telecom industry may be one of the most benefited from it. According to a new report presented on July the 11th by Research and Markets, blockchain technology in the telecoms industry will move from $46.6 million in 2018 to $1 billion in 2023.

Blockchain technology can be used by companies to enhance their products and services, including the security. In the last years, several attacks have been affecting telecommunication networks, and blockchain technology could help mitigate this problem.

The report reads as follows:

“The blockchain in telecom market is driven by various factors, such as the increasing support for OSS/BSS [operation support systems / business support systems] processes and rising security concerns among telcos.”

Furthermore, authenticity of users, uncertain regulatory status and the lack of common standards can hinder the growth of the sector.

There are different companies around the world, outside from the telecommunication industry, that have embraced this innovative technology. Important figures in the technological world, like Steve Wozniak, said that distributed ledger technology is the evolution of the internet.

At the moment, blockchain is used by most of the virtual currencies in the market. Governments are also using it to increase transparency in elections, reduce fraud, simplify bureaucratic processes and more.

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