Blockchain Application In Telecom To Produce $1.37 Billion By 2024

Research and Markets, an Irish global market research company, estimates that blockchain applications in the telecom industry will generate $1.37 billion in revenue by 2024.

Global Blockchain in Telecom Market Forecast up to 2024, blockchain adoption in telecoms will grow at a compound annual growth rate (CAGR) of 77.9% during the forecast period.

These include demand for fraud management, rising security concerns, 5G implementation and increased number of blockchain consortia, such as Hyperledger, R3 (and its Corda blockchain) and carrier Blockchain study.

The research had also predicted that blockchain technology would contribute about $1 billion to the telecom industry by 2024. Last year the industry contributed $46.6 million.

It stated:

“Blockchain can enable the telecom operators in generating a new layer of confidence on the Internet, based on the data itself. Blockchain helps in building a network of peers, which consist of service providers, vendors, telecom operators, and other parties for increasing the trust among different partners within the ecosystem.”

Blockchain has also helped telecom companies in generating new revenue opportunities and streamlining internal processes, providing strong encryption to record and store the data on the network more securely and verifiable.―Coingeek