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What is Hyperledger fabric in Blockchain: A Complete Guide

Hyperledger Fabric is a customizable architecture-based framework for distributed ledger applications that provide high levels of privacy, robustness, customization, and scalability. It’s built to facilitate pluggable versions of various elements and manage the intricacy and subtleties’ financial ecosystem. 

To better understand how blockchains function and the unique characteristics and elements of Hyperledger Fabric, we suggest that first-time users read the rest of the explanation beneath. 

We’ll lead you through all that you require to understand about Hyperledger Fabric, like what it is? How to launch your first application on it? In this Hyperledger Fabric article. Let’s begin the report right away.

If you’re already acquainted with blockchain and Hyperledger Fabric, proceed with Getting Started and then move on to the demonstrations, technical requirements, APIs, and other resources.

Table to Contents:

  • What is Hyperledger in Blockchain?
  • What is the need for Hyperledger in Blockchain?
  • The Architecture of Hyperledger Fabric System-
    • Assets-
    • Chaincode-
    • Ledger-
    • Security-
    • Consensus-
    • Confidentiality-
  • What do you mean by a Blockchain?
    • Distributed Ledger –
    • Consensus-
    • Innovative contracts-
  • What are the advantages of Blockchain?
    • The Chain’s Accuracy
    • Transactions in Confidentiality
    • Reduced Costs
  • Now let’s see how to develop an application using HyperLedger Fabric System.
    • STEP 1
    • STEP 2
    • STEP 3
    • STEP 4
  • Conclusion

What is Hyperledger in Blockchain?

The Linux Foundation (the same corporation behind the Linux Operating System) launched the Hyperledger blockchain initiative in December 2015. This project was established as a core for both the collaborative production of fully accessible blockchain technology and distributed ledgers.

What is the need for Hyperledger in Blockchain?

Hyperledger was founded to advance the discovery as well as the adoption of cross-industry blockchain systems. It is backed by major corporations such as IBM and many others across a wide range of sectors, including finance, IoT, banking, industry, etc. 

One thing to keep in mind is that Hyperledger was designed to assist and stimulate the advancement of blockchain technology, not any particular cryptocurrency. 

Blockchains can transform online transactions by fostering faith, openness, and trustworthiness, as per the Hyperledger webpage. It was created solely to fulfill that ability. Around 100 companies, comprising industry titans like Nokia, IBM, and Samsung, are part of the Hyperledger blockchain, which meets every month to supervise the development of prospective blockchain frameworks. This Hyperledger neither has any nor will have its coin. It is a vital thing to keep in mind about Hyperledger.

This directly addresses Hyperledger’s purpose: developing robust industrial applications using blockchain technology while remaining apart from the digital currency creation process.

The Architecture of Hyperledger Fabric System-

In this part of the article, we will learn about the design of the Hyperledger Fabric System.

Assets can vary from the physical (property investment and equipment) to the immaterial (software and trade secrets). By using the chain code transaction process, Hyperledger Fabric allows users to alter assets. 

In the Hyperledger Fabric system, assets are portrayed as a series of key-value pairs, with state changes registered as exchanges on a ledger path. Binary and JSON representations are available for assets.

  • Chaincode-

Chaincode is the commercial concept software that defines one or multiple assets and the transaction methods for managing the purchase (s). The criteria for accessing or changing key-value pairs or any other dynamic database entries are enforced by Chaincode. Chaincode operations are started with a transaction idea and run against the ledger’s existing state information. The implementation of Chaincode generates a collection of key-value writes that can be sent to the system and implemented to the ledgers of all users.

All value changes in the fabric are recorded in a sequential, damage-resistant ledger. Chaincode abstractions (‘transactions’) supplied by interacting parties cause state shifts. Every transaction generates a collection of asset key-value pairs that have been created, updated, or deleted in the ledger. 

A blockchain is used to store permanent, sequential records in blocks, and a database file is used to keep track of the present fabric state. Each channel has only one ledger, which performs an error handling check is conducted before adding a block to guarantee that the conditions of assets that were fetched have not altered since chain code processing time.

  • Security- 

Hyperledger Fabric is the foundation of a transactional system in which all members are acknowledged. Cryptographic licenses are related to businesses, networking equipment, and application developers or client apps via Public Key Infrastructure. As an outcome, data access management on the system and channel stages can be regulated and managed. In this way, it makes it secure. 

  • Consensus-

Consensus has gradually been associated with a specific method within a particular target in distributed ledger architecture.  On the other hand, consensus entails more than just responding on transaction execution, and this distinction is underscored in Hyperledger Fabric by its central position in the whole transaction pipeline, from request and approval to ordering, verification, and pledge. In a word, the consensus is the total authentication of the accuracy of a group of transactions that make up a block.

  • Confidentiality-

Hyperledger Fabric uses an unchangeable ledger and a chain code that may edit and alter the present state of objects. A ledger can operate within the range of a channel — it could be broadcast throughout the existing system or privately run to include precisely a limited number of users. 

After all these situations, these parties will make a different channel, isolating and segregating their transactions and the database. A chain code can only be deployed on peers, which needs the information to the asset states to execute reads and updates to overcome situations that seek to fill the space between complete transparency and confidentiality.

When companies on a network want to maintain their transaction information secret, secret record keeping is being used to store it in a personal library that is logically independent of the channel record and available only to the allowed group of companies. 

In this way, the channels help keep away transaction process from other networks, and the collections maintain the secrecy of the information. 

What do you mean by a Blockchain?

The blockchain contains certain parts like – distributed ledger, consensus, and innovative contracts.

Now let’s see how these parts work.

  • Distributed Ledger – 

A distributed ledger has been at the core of a blockchain network, and it tracks all of the network’s transaction activities. Because it is repeated across multiple network users, each of those who collaborate in its upkeep, a blockchain ledger is generally defined as decentralized. We’ll learn how decentralization and partnership are essential characteristics that reflect how businesses transfer products and activities in everyday life.

Furthermore, to be decentralized and collaborative, the data collected to a blockchain is available only when using cryptographic methodologies that ensure that once a payment has been introduced to the ledger, it could not be altered. This feature of “immutability” makes it much easier to identify the authenticity of details because individuals can have the proper information that has not been modified after the transaction. It’s for this reason why blockchains are often referred to as “proof systems.” 

  • Consensus-

Consensus is the procedure of maintaining ledger transactions synchronized throughout the platform, ensuring that ledgers only refresh when the relevant users confirm transactions. That is when ledgers make changes in their information. They usually update with the actual transactions in the very same sequence. 

  • Innovative contracts-

A blockchain network includes intelligent agreements to offer regulated accessibility to the ledger to ensure the continuous updates of records and permit various ledger functions (transactions, queries, and so on). Smart contracts could be developed to allow users to perform some features of transactions mechanically and be a crucial method for encrypting data and preserving it clear across the system. 

For instance, a smart contract may be designed to specify the pricing of transporting goods, with the price changing based on how speedily the product delivers. When both clients accept the conditions and are documented down in the ledger, the relevant payments are sent immediately once the goods are received.

Afterward, you’ll know more about ledgers, smart contracts, as well as consensus. In the meantime, it’s OK to consider a blockchain as a standard, duplicated payment platform that is only updated via intelligent contracts and kept continually synced by a collaborative procedure known as consensus.

What are the advantages of Blockchain?

  • The Chain’s Accuracy 

A network of hundreds of computer devices approves payments on the blockchain system.  This virtually eliminates human intervention in the authentication process, providing in lower human mistakes and a more reliable collection of data. Even if any of the computers on the system makes a technical fault, it would only affect one blockchain record.  To transmit to the remainder of the blockchain, that mistake would have to be committed by a minimum of 51 percent of the network’s machines, which is nearly impossible in a vast and developing network like Bitcoin’s.

  • Transactions in Confidentiality 

Numerous blockchain networks function as open databases, allowing anybody with internet service to access the network’s recent transactions. Because users have accessibility to transaction details, they do not have access to personal information about the people conducting the payments. It’s a frequent misconception that blockchain networks such as bitcoin are private, but they’re not.

  • Reduced Costs 

Clients typically charge a bank to authenticate a trade, a registrar to endorse paperwork, or a preacher to marry them. The blockchain removes the requirement for third-party authentication, as well as the fees that come with it. Once businesses receive credit card transactions, they must charge a small price to banks and payment service providers to handle the operations. On the other side, Blockchain has no centralized power and only has a small number of transaction costs.

In a nutshell, blockchain networks help decrease the time, expense, and danger involved with confidential data and operations by coordinating the corporate network via a shared ledger while also boosting trust and transparency. You now have a better understanding of what blockchain is as well as why it is helpful. There are numerous other variables to consider, but they all connect to the basic principles of data and process exchange.

Now let’s see how to develop an application using HyperLedger Fabric System.

The first step is to construct and deploy the network. Your application will be useless without a functioning network. For installation, you can follow an online guide. To go to the repository containing the prototype network, run the below command when everything is done. 

cd fabric-samples/first-network

Then, to execute the network, apply the byfn.sh script. Running this system will improve network connection and deploy critical components such as containers, peers, chain code, and other tools that will aid the other processes. 

Now it’s time for creating artifacts for creating this run the given command. After that, hit “Y” when prompted for verification. 

.byfn.sh generate

In this step, we will power up the network. To enable additional peers to connect to the network, this will start all of the parts, including chain code and containers. To activate the network, enter the following command: 

./byfn.sh up

The next step will be launching the network. To start the network, run the following code :

./startFabric.sh javascript

Now you will have everything you need to construct your application once the network is launched, from orderers to peers to certificate authorities.

Conclusion 

Our Hyperledger Fabric post has finally come to an end. The Hyperledger Fabric framework and blockchain technology possess the potential to transform a  variety of sectors throughout the globe.

This article showed you how to get started with the Hyperledger Fabric framework and how to develop the application. Apart from this, this article also clarifies Blockchain and its advantages. If you want to learn more about building an actual business software or application, go for a complete online or offline course. If you’re going to open a Hyberledger, always choose a reputed, well-established website that offers handy features. One such website is Blockchain Council which we recommend to all the users.

What is Hyperledger fabric in Blockchain: A Complete Guide

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5 Industries That Blockchain Will Disrupt in Future

Nowadays, upheaving technologies in various industries have become fascinating. These techniques are bringing up new opportunities for enterprises and businesses in the worldwide spectrum. They improve our life by amending the way we work on a daily basis. As we know, Blockchain technology is already coming to be popular. But it has also starting to challenge procedures carried out in business sectors. Many industries are finding blockchain platforms better than existing measures for attaining essential elements of the task. Let us look into the five leading industries the blockchain platform is affecting.  

Table of content:

  • The Banking Industry
  • The Real Estate Industry
  • The Health Care Industry
  • The Legal Industry
  • The Cryptocurrency Exchange Industry
  • Closing Thoughts

The Banking Industry

Blockchain technology can take care of a few significant issues faced by the banking industries at present. Currently, banks store money for their clients, and they likewise handle the exchange of that money.

Blockchain intrinsically has a secure and reliable system that would give enduring records of the tons of exchanges that happen in the banking business every day. This record system could essentially bring down the risk by providing secure records. Moreover, money could be moved less expensively and quicker by the decentralization lent by blockchain.

The Real Estate Industry

Any individual who has at any point bought or sold a home precisely understands how much desk work is associated with a real estate business. Blockchain technology can totally change the headache that these paper works cause. By utilizing blockchain, the entirety of the reports and trade records can be kept safely with relatively more minor work and less expense. As per Piper Moretti, CEO of the Crypto Realty Group and an authorized realtor, the utilization of blockchain can possibly wipe out third-party interactions. 

This system can generate smart contracts that provide financing only when the terms and conditions are fulfilled. Moreover, numerous individuals who have spent time working with a real estate agent understand how baffling the commission rates can get, with some even charging around 6 %.

The cryptocurrency-powered setting is looking forward to changing this situation. 

Blockchain’s disseminated design gives power back to property holders and purchasers by tokenizing the procedure and removing brokers, mediators, or negotiators that block direct communications among agents and clients.

The Healthcare Industry

The healthcare industry has been facing a vast disturbance regarding sharing and putting away medical information and records. The potential for blunder, extortion and missed records has made skepticism among customers and healthcare suppliers.

Blockchain can rebuild trust by safely storing medical records that can be precisely and securely moved to and used by specialists and individuals who are in a position of authority. 

Blockchain will help in the approval and identification of individuals. Truth to be told, many startup businesses are now attempting to make precise, multi-source people identification a reality across all ventures utilizing blockchain technology.

The Legal Industry

Blockchain will disturb a few areas of the legal industry by possessing the option to store and authenticate reports and information. For instance, litigation dealing with settling issues regarding the wills of the deceased or some other documentation can be abolished.

Records (entailing wills) kept on the blockchain will be shortly and safely ascertained. Any progressions to the reports will be verified and stored. Blockchain technology can likewise remove legal issues related to estate, even including cryptocurrency possessions. This system will offer clients the chance to secure digital possessions so the investor’s inheritance can be passed down to his kids or appointee securely and safely. This technology eradicates prolonged court disputes pleading over the digital inheritance.

The Cryptocurrency Exchange Industry

Digital money is the path to the future financial industry, and fortunately, due to the blockchain system, this digital currency can be securely disseminated and documented. However, the “mining” needed to confirm and validate each digital money exchange requires a considerable measure of processing power. 

Lately, this has given rise to a ton of issues on a few platforms when certain exchanges die off because of the sheer measure of calculation required. This issue was costing clients a considerable amount of time and money. New improvements in blockchain space are remaking the manner the cryptocurrency trade industry regulates. The development of alternative platforms has unraveled the extensively crucial problems in the cryptocurrency territory. These platforms utilize smart contracts that analyze in advance the number of calculations that each contract needs. That means that tracking records would be easier and faster. 

Closing Thoughts 

The blockchain-distributed roster technique empowers a stable and auditable means to transports data. It has the power to transform the way we live, our regular lives, and disrupt those industries that regulate data or transactions. The good thing is all of these disruptions are actually beneficial. Whether or not you prefer to bring up modern technology into your life, it is evident that strengthened safety to our financial database would grant everybody better peace of mind.

Learn more about blockchain technology from the certified blockchain expert. Get to know about many more courses on blockchain and receive certifications for respective courses at the BLOCKCHAIN COUNCIL.

5 Industries That Blockchain Will Disrupt in Future

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Cryptocurrency Wallet Development Realizes the Future of Payments

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The advancement in technology is undeniable. And everything nowadays is available at our fingertips. In recent years, the number of users investing in digital currencies is rising. Thus, Ethereum and Bitcoin always stay at the peak.

Cryptocurrencies can be stored in various wallet options. This article is going to cover everything you need to know about crypto wallet development.

What is Cryptocurrency?

Cryptocurrencies refer to a type of virtual currency that is secured by cryptography.

Almost every cryptocurrency is created on distributed ledgers and makes use of decentralized networks that are further integrated with blockchain wallet development technology.

How do cryptocurrency wallets function?

  • The crypto transactions are stored in a blockchain network by the wallet that cannot be altered.
  • When a user sends cryptocurrencies to another user, he is transferring the ownership of the coin to the receiver.
  • It consists of both private and public keys that are associated with the currencies.
  • Only if the private key matches the public key, the users are allowed to make a transfer of their digital coins.
  • The private key is used for validating the transaction, whereas the public key is utilized to receive the funds.

Types of cryptocurrency wallets:

The types of cryptocurrency wallets are described below:

  • Desktop wallets:

One can easily download desktop wallets on a PC or laptop. Most of them are secure, and the security will not be compromised until there is a cyberattack.

  • Virtual wallets:

Based on the cloud, virtual wallets are accessible from any location. With the implementation of blockchain technology, it is safer and convenient but is still vulnerable to cyberattacks.

  • Mobile wallets:

Through a mobile app, mobile cryptocurrency wallets can be used. Several retail stores accept payments through this type of wallet.

  • Hardware wallets:

These wallets do not store any private keys of the users online. Instead, the keys are stored on a hardware drive.

  • Paper wallets:

This type of wallet is considered to be the most secure one. It generates printable private and public keys. It can handle easy fund transfer, and it has a QR code facility for user convenience.

Current Cryptocurrency trends in the market:

The first cryptocurrency was bitcoin. And the ones that are developed after bitcoin are often called Altcoins, which serve as the best alternative to fiat currency.

The fluctuation of monetary value, investment growth in the capital, cross-border remittance, and transparency have drastically influenced the market growth.

The leading wallets in 2021:

According to popular providers of wallet development services, Cryptocurrency wallets can be divided into two major categories, namely,

  1. Hardware wallet:

The hardware wallets for cryptocurrency are:

Ledger Nano S: It is a super-secure hardware wallet for cryptocurrency. It has its OS called BOLOS and features 2-feature authentication.

Trezor One: Modern cryptography is integrated with Trezor One. It also uses 2-factor authentication for transaction authentication.

2. Software wallet:

The software wallets for cryptocurrencies are:

Coinbase: It is efficient in creating open financial infrastructure. It has over 35 million users currently.

Gemini: It is accessible via both PC and mobile. Gemini can track real-time cryptocurrency prices. The users can set price alerts to get immediately notified during price fluctuations.

Steps for development of cryptocurrency wallet:

Follow the below processes for cryptocurrency wallet development:

3. Define your cryptocurrency app type:

As there are already existing concepts, you do not need to reinvent. Just learn from your competitors, speed up your development process, and define the crowdfunding app concept.

4. Evaluate the existing market scenario:

It is not time for you to analyze the market. Perform a SWOT analysis for your cryptocurrency wallet development to overpower your competition.

5. Design UI/UX:

Identify user flow and create user-friendly information architecture. And focus on making a high-quality UI.

6. Develop technical architecture and backend:

Aspects like database, UI, service tools, and workflow needs to be considered. After the technical architecture is ready, opt for backend development. Create internally and bind external APIs to build a robust backend.

7. Frontend development:

Work on making a responsive design, and make sure that the user experience is top-notch. The most crucial thing about creating a frontend is that it needs to be reliable.

8. Testing:

Finally, test the app, and compare it with the original requirement document. If any errors or bugs are found, it is fixed by the development team. And the QA team verifies it, and then only it is released.

The necessary features for cryptocurrency wallets:

The must-have features are:

  • User account management
  • QR-code scanning
  • Trading and exchange cryptos
  • Efficient security
  • Currency management
  • Push notifications
  • Seamless onboarding

Conclusion:

The dramatic rise of Bitcoin influenced the global monetary system. And this market will continue to grow and will be the future of digital payments.

If you are unfamiliar with cryptos, you must not commence with the app development hectically. And you must take help from a professional cryptocurrency wallet development company to develop highly secured wallets.

Cryptocurrency Wallet Development Realizes the Future of Payments

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What algorithm is adopted to protect the security of Blockchain?

What algorithm is adopted to protect the security of Blockchain

If you have been following cryptocurrency over the last decade, you must have heard the word “Blockchain”,  the record-keeping methodology behind the Bitcoin network. Blockchain technology is basically a distributed database that keeps a continuous rising list of protected records from external emendation. Approximately 5% of the world population use this technology. But, is blockchain completely secure? Well, this can be estimated by evaluating the workings of a blockchain platform. This article will look into essential aspects of blockchain that make it an efficient and safe platform for digital transactions. 

Table of contents 

  • How does a blockchain network work?
  • Algorithm to protect blockchain security:
  • Private and public key
  • Hashing
  • Peer-to-peer network
  • Zero-knowledge proof
  • Closing thought

How does a blockchain network work?

The blockchain network dwells across a system of nodes. When new transactions happen, the blockchain is ascertained across this distributed system before these new transactions can be incorporated as the following blocks on the chain. Hence, the alliance of nodes is needed to put that block into the blockchain. Each block keeps collections of unique transactions and the outcomes of any blockchain executables.  The blockchain platform is trustable because an exact copy of the series, showing every transaction, is attached to the entire network. If somebody tries to cheat the system, they can be identified easily. 

However, sometimes a few things can go wrong in other areas of a blockchain-based application resulting in loss and compromise. For instance, weak access controls, inadequate communication security, certificate management protections, and loose key. For this reason, blockchain uses several algorithms to increase security and provide each user with a safe environment for carrying out transactions.

Algorithms used to protect the blockchain security:

  • Private and public keys

Blockchain technology makes use of asymmetric cryptography for securing transactions among users. In such networks, each user acquires a private and public key. These keys are created with random strings of numbers that are cryptographically linked. No user can surmise another user’s private key by looking at their public key. All users have an address that is emanated from the public key by utilizing a hash function. These addresses are used for sending and receiving investments on the blockchain, I.e. cryptocurrency. Users can view previous transactions and activities on the blockchain as blockchain networks are shared with all parties.

Users’ identities are kept hidden; Senders and receivers of prior transactions are embodied and implied by their addresses; 

This strategy prevents  a malevolent user from observing a specific address’s past transactions  to disclose information.

Private keys protect users’ identities and keep them secure through digital signatures. Private keys let users access personal wallets and funds on the blockchain; this adds a layer of identity authentication. Whenever individuals send money to other users, they should submit a digital signature produced and provided with the private key. This procedure prevents the theft of funds.

Before building transactions into blocks, blockchains hash every transaction. Hash pointers tie each block to its forebear by carrying a hash of the data in the previous block. Hence, a change made in any transaction will generate a completely different hash, which will then modify the hashes of all successive blocks. To produce a modification across the blockchain, around 51% of the system would have to agree to it. This process is termed a “51% attack.”

However, different blockchains employ different cryptography algorithms. The Bitcoin blockchain utilizes the SHA256 algorithm, which generates a 32-byte hash. Litecoin and Dogecoin both use Scrypt. It is one of the lighter and faster cryptography algorithms.

  • Peer-to-peer network    

In big corporations, an enormous amount of users’ personal data is stocked on solitary devices, which increases the risk of losing data if the system got hacked, mishandled, or lost. Blockchain intends to eliminate this dependence on a central authority. To accomplish this, blockchain works in a way where nodes in a blockchain system can affirm the legitimacy of a transaction instead of a third party.

Transactions between clients like sending and accepting digital money are conveyed to each node in the network. Nodes ensure credibility of transaction, before it gets documented as a block on the blockchain and check past transactions of the sender to make sure he/she didn’t double-spend or spend a more extensive amount of funds than they acquire.

Later on, agreement protocols like verification of work and confirmation of stake are sent by miners. These protocols permit nodes to arrive at an agreement state on the order and sum of transactions. When a transaction gets checked, it is distributed as a block on the blockchain. Users’ protection is expanded through the decentralized nature of blockchain, and no need for a central authority.

  • Zero-knowledge proofs

Zero-knowledge proof is a Consensual decision-making process in which one party confirms to another party that data is credible. In this process, the “prover” does not disclose any data about the transaction. This can be achieved through detailed cryptographic techniques. This maintains the decentralized nature of blockchain while reducing transparency; zero-knowledge proofs reflect nothing regarding a transaction except its validity.

Closing Thought

Through the combined use of different algorithms, blockchains are able to fulfil high degrees of security as a distributed system. However, these fields of knowledge must be appropriately assigned. By understanding the algorithm, a user can become a blockchain expert. A careful symmetry between security and decentralization is essential for building a dependable and effective cryptocurrency network. 

To learn more about Blockchain technology and become a Blockchain expert, check out various courses as well as certifications available with Blockchain Council.

What algorithm is adopted to protect the security of Blockchain?

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Blockchain in Telecom Explained

Wondering why telecom companies are adopting Blockchain technology? What are its use-cases in the telecom domain? This article has got you covered.

Table of Contents

  • Definition of Blockchain
  • Why Discussing Blockchain in a Telecoms Context is Crucial?
  • Blockchain Use-Cases in Telecommunications 
  • Concluding Lines: What is Achieved and What can be Achieved Further?

Definition of Blockchain

In most simple words, Blockchain is a Peer-to-Peer(P2P), decentralized, public ledger that records online transactions and works without involving any third-party.

It records all the transactions that have taken place in a secure and immutable way, thus ensuring security and privacy. Blockchain technology has become popular because of its ability to offer decentralization, reliability, and security. Apart from this, Blockchain does not take a lengthy process for verification, agreement, and approval.

Want to gain an in-depth understanding of Blockchain and become a Certified Blockchain Developer? Get started today with Blockchain Council.

Why Discussing Blockchain in a Telecoms Context is Crucial?

Blockchain, which started as a peer-to-peer version of electronic cash, has the potential to revamp and reconstruct almost every industry, including supply chain, finance, healthcare, logistics, telecom, among others. Technology has captured the popular imagination due to its ability to provide complete transparency, immutability, privacy, and security. When it comes to the telecom industry, there are various challenges. 

Despite the fact that the telecommunication sector has changed a lot over the last 20 years, still, both providers and subscribers struggle with roaming, high fees, risk of fraud, privacy issues, and so much more. When it comes to inter-carrier transactions, they rely on a mix of automated and manual systems that make the method of doing business together complicated, delayed, and expensive. 

Blockchain Use-Cases in Telecommunications 

Blockchain is arising as a revolutionary technology to manage all the existing issues in the telecom industry, thus opening a new era in terms of efficiency, transparency, and security. Due to its potential to enable full automation in financial settlement and fraud prevention to KYC procedures for onboarding customers, this technology is transforming telecom for good. Let’s explore some of its use-cases in the telecom industry.

  • Roaming and Settlements

As we already mentioned, roaming is one of the major issues because intermediaries are involved in controlling roaming partner settlements, which takes around two months to get resolved. This process further leads to manual errors, frauds, lack of transparency, and other issues.

This complex process can be automated by using smart contracts functionality. Smart Contracts on the Blockchain network can ensure the settlement between the participating members by eliminating third-party intermediaries and automating the SLA agreements through tamper-proof verifiable transactions and real-time updates to the end-users.

  • Identity Management and Fraud Prevention

Identity Management and fraud prevention in the telecom industry is another crucial aspect because multiple third-party agents handle the submission of identity documents; thus, the chances of misuse and leakages are more. Blockchain can address such issues by offering decentralized storage with control remaining entirely in the hands of document owners. Its immutable nature will not only help reduce forgery but also control the submission of fraudulent documents. 

In the telecom industry, the large instances of databases and storage can be replaced with distributed ledgers, thus eliminating various issues.

  • Mobile Number Portability (MNP)

If you have ever gone through the MNP process, you must have realized that it’s a long, time-consuming process. The reason for high processing time is essentially due to data mismatch between operators and periodic updation required from the central database.

Blockchain can streamline this entire complex process by providing a single source of truth where all service providers can review and action requests for Mobile Number Portability. The distributed ledger will help eradicate single-point failure, as all service providers have access to the shared data. Thus instead of days, MNP can be achieved almost instantaneously.

Concluding Lines: What is Achieved and What can be Achieved Further?

Due to Blockchain’s potential, various telecom industries, including Airtel, AT&T, Vodafone, among others, are utilizing this technology to enhance their services. For instance, Telefonica has collaborated with IBM and uses the IBM platform to log information collected by various networks when routing international calls in order to improve the reliability and transparency of collected information. Similarly, Vodafone, a global telecom giant, leverages Blockchain to bring clarity and efficiency to transformed processes. Moreover, other well-known telecom industries are using Blockchain to enable micropayments for music, mobile games, and other value-added services. 

Thus from the above discussion, we can conclude that this distributed ledger technology is taking the entire world into the future, and despite this, there is so much room for exploring and discovering new opportunities.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

Blockchain in Telecom Explained

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