The telecommunications has suffered greatly from cyber-attacks and fraudulent schemes across the world. It has significantly hindered the industry and is a major contributor to a loss of revenue. The total security assurance of blockchain ledger will diminish the threat of cyber-attacks and put the power of data back into the customer’s hands
Implementing a blockchain network in the IoT project can ensure a greater level of communication between devices as well as an increase in trust within the network. IoT considerations include data transmission and the ability to provide a more secure path between sensors and machine. Blockchain technology is able to connect two data centres and this digital control would make IoT more accessible.
Blockchain provides a more simplified, streamlined system in which payments are secured. With the increasing reliance of digitalised forms of payment such as mobile and web payment, the system is now vulnerable to hacking. Blockchain technology eradicates the need for intermediaries which would provide an extra layer of protection about cyber threats.
Telecommunications companies have the opportunity to integrate a blockchain authentication system for identity management. This would ensure the security and ease of handling ID’s across multiple devices, applications and organisations. Blockchain technology requires a singular master key which it uses to verify identity on any digital platform. Blockchain Australia can ensure a reliable and faultless application of identity management.
For both consumers and telecommunications corporations the issue of data-sharing and protection is paramount. A major concern for consumers is if their private data is being sold off to advertisers. Social media juggernauts like Facebook are under intense scrutiny regarding their data-sharing policies. Blockchain is a solution that is already being rolled out by telecommunications companies. Blockchain’s private key means that all messages and digital activity is encrypted and owned by the user. This gives the consumer full authority over their data and also presents the opportunity to be compensated for data they decide to share, with the development of crypto wallets. Blockchain Australia can assist in navigating this revolutionary technology and can create crypto wallets that have real financial backing.