Blockchain adoption may bring $1 billion to the telecom industry

11 July 2018

According to the latest study published by Research and Markets, a global market research and consulting firm, implementation of blockchain technology by the telecom sector is expected to bring about $1 billion to the industry within the upcoming five years.

The study reveals that the use of blockchain by the telecom companies will increase sharply from USD 46.6 million in 2018 to an industry worth USD 993.8 million in 2023. The key factor driving the mass adoption of the technology, according to the research, is a rising security concern, as telecom operators see more potential in the emerging technology despite existing regulatory uncertainty.

While the 132 page paper cited increasing support for OSS/BSS [operations support systems/ business support systems] processes and growing concerns in the security of conventional measures as the main motivator for blockchain deployment, it also noted that opacity peculiar to the authenticity of users in the blockchain, as well as regulatory hassles and absence of general standards may create a serious barrier for the market growth.

However, Research and Markets still expects that the compound annual growth rate (CAGR) for blockchain adoption in the telecom industry will account for 84%.

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