Blockchain is synonymous with security, immutability and anonymity. It is an ever-growing openly distributed ledger featuring decentralized nodes or blocks containing a timestamp, transaction data and cryptographic hash to avoid unauthorized access to confidential information. The biggest advantage of blockchain is that it is managed by a peer-to-peer network, which adheres to a protocol to validate new blocks and facilitate inter-nodal communication. Data once recorded in the blocks, cannot be altered unless all the subsequent blocks are altered, which in turn requires a consensus from the network majority.
Blockchain is basically the driving force for cryptocurrencies, but it has the potential to change the course of many industries including Information and Communications Technology (ICT). The Telecom industry can streamline several processes such as billing, number porting, enabling roaming connections and smart transactions as well as ensuring easy management of customer identities among other things.
There are multiple use cases for blockchain in the telecom sector; some of them are mentioned below.