continues to give organizations and individual thought leaders a chance to spark ideas and present solutions for mass adoption. One of the most notable at this year’s event was using the decentralized ledger in telecommunications.
In addition to being error-prone due to a lack of transparent systems, companies in the telecom industry also face challenges with security, especially hacks by malicious entities who want to exploit vulnerabilities in the system for their own personal gain. Although just one example, fraudsters have been known to use phishing, among other methods, to gain unauthorized access to data or to manipulate call records or other billing information.
Blockchain technology solves the challenges of the telecom industry by providing a decentralized, transparent and tamper-proof ledger that allows telecom operators to automate their billing processes. With blockchain, telecom companies can create smart contracts that automatically execute billing agreements based on pre-set conditions, reducing the potential for human error and disputes.
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