Asia-Pacific Lead Blockchain Disruption In Telecom Industry
The Blockchain in Telecom Market is expected to reach USD 5.79 billion by 2028, growing at a CAGR of 55.13% from 2023-2028as per ResearchAndMarkets.com report. The market is expected to be significant due to its role in fraud prevention, user identity security, and support for next-generation network services and IoT connectivity solutions, driving the industry’s growth.
The rise of 5G is driving the adoption of blockchain in telecom, enhancing network security and reducing operational costs. Blockchain technology offers robust encryption, making data secure, verifiable, and transparent, thus boosting market growth. It can also help detect and prevent telecom fraud, which costs around USD 32.7 billion annually, thus boosting the industry.
India’s telecom regulator has effectively used blockchain technology to curb spam SMS, setting an example for the government to establish a transparent and trustworthy framework for critical use cases like Aadhar authentication, property and vehicle ownership records, and direct tax collection. The Ministry of Electronics and IT released a draft policy on blockchain technology in March last year, and the telecom regulatory authority of India (TRAI) has also deployed distributor-ledger technology (DLT) to control spam SMS traffic.
(With inputs from Shikha Singh)
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