Blockchain: Building Trust & Creating Value

By Shahid Ahmed, COO & Co-Founder, EQITII

Similar to MWC Barcelona, there will be a lot of excitement and buzz about 5G at MWC Los Angeles. If we thought the insatiable demand for data consumption was huge already, wait till 5G arrives. The data consumed by apps, people, machines, cars etc will increase exponentially when the pipe gets bigger.

According to the World Economic Forum and Raconteur, by 2025, it’s estimated that 463 exabytes of data will be created each day globally – that’s the equivalent of 212,765,957 DVDs!  When 5G is deployed in developed nations, it’s estimated that this number could rise 100x.

We now live in a mobile society therefore most of this data will pass through telecom networks. Properly managing and monetizing this data presents a challenge and an opportunity for telecom providers.

Challenge & Opportunity
From a management perspective, there are privacy, security, consent, trust, and transparency issues. However, done correctly, there is also an opportunity to monetize this data and create new revenue streams. The key will be to develop a clear mechanism to obtain consent to access end user data and securely protect and compensate the rightful data owners. Telecom providers are seemingly hamstrung in taking advantage of this opportunity as their current OSS and BSS were developed to handle legacy business models.

Leveraging blockchain, telecoms can take on the role of a ‘Data Broker’ by creating a data marketplace that handles various sources of data that stream across their network. This permission-based blockchain marketplace could be the solution that enables all kinds of stakeholders to participate, making business opportunities like AI more equitable and pervasive.

For a telecom provider, this is a significantly more than an attractive business opportunity, as it also addresses the fundamental problem of who owns and has the right to use your data.

Please join the discussion moderated by Shahid Ahmed at Blockchain: Building Trust & Creating Value and find out more how telecoms can leverage blockchain technology.