Blockchain technology has untapped potential in a number of industries, including telecommunications.

Over the past couple of years, several telecoms operators, including Orange, Verizon, and Telstra, have invested in blockchain projects, prototypes and frameworks.

In July this year, South Korea’s largest telephone company, the KT Corporation, launched its own blockchain-powered network. Also in July, China’s three main telecoms operators launched a collaborative blockchain research group.

Now, the trend has reached Vietnam. The Viettel Enterprise Solutions Corporation (the development and innovation wing of the country’s largest telecommunications operator, the Viettel Group) has announced that it intends to become Vietnam’s leading provider of blockchain technology within five years. The corporation was established to focus on providing information and communication technology solutions to commercial and governmental sectors. The company’s deputy general director, Ngô Vĩnh Quý, has reportedly said that Viettel is keen to keep pace with development trends such as blockchain. Indeed, they have already developed a blockchain-based solution to help improve the management of files in the healthcare sector that is currently awaiting approval from the Ministry of Health.

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In telecoms, databases are incredibly widespread. Potentially, they could all could be transformed by blockchain. Blockchain technology is applicable to telecoms in a variety of ways.

Cost reduction

Blockchain can reduce network costs through efficiency gains. Additionally, service providers could potentially save money by reducing their reliance on third parties when it comes to completing a transaction. For example, an ethereum blockchain could eliminate the need for a middleman when carrying on out a data exchange.

Security

The decentralisation approach of blockchain could help improve security in terms of protecting the privacy of the end user. By using blockchain technology to verify identity, much-needed extra security could be provided in an industry riddled with cyber breaches.

Connectivity

With blockchain, device connections can be offered in popular areas and Wi-Fi zones with set terms and conditions. Moreover, blockchain’s decentralised control could help make the security of IoT-connected devices more scalable. The verification and validation at the core of blockchain can help stop unauthorised devices from accessing a private network.

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