Perhaps the most important point to remember about BlockChain is that it is not bitcoin. The blockchain is a concept of bitcoin and nothing more. While they are related in a sense, these terms refer to two very different things. Blockchain technology is a fast-growing concept that has been a part of our lifestyle for a long time. Peer to peer technology such as LimeWire and Torrents can be classified as an early part of blockchain technology. Blockchain technology is focused on removing the middleman from business transactions.
HOW DOES BLOCKCHAIN TECHNOLOGY?
Blockchain technology eliminates a centralised network and focuses on establishing a large network. Blockchain can be explained with a single term “Distributive ledger”. A network of computers that handle the same amount of data and have the exact amount of information as the rest of the computers. Any change that occurs has to be verified and new transactions can be added. This makes it impossible for any errors or unwanted transactions to be passed.
HOW CAN BLOCKCHAIN BE IMPLEMENTED ON THE OSS (OPERATION SUPPORT SYSTEM) AND BSS (BUSINESS SUPPORT SYSTEM)?
Every process can be improved by removing additional check-ins and assigning a hash code to the customers This can also help in making sure all processes are assigned a code and all the nodes in the network have all the encrypted details. The hash is processed and everything is updated accordingly after validation.
BENEFITS OF USING BLOCKCHAIN TECHNOLOGY TO MAKE PAYMENTS
Customers can now make direct payments to the company without having to use banks to monitor and approve transactions. Payments can be faster as the network accepts the transactions and helps it compile it to the company’s financial structure. Rewards can be given to customers for using this process. Charges can be reduced.
BLOCKCHAIN TECHNOLOGY FOR MIGRATING CUSTOMERS
With every customer details encrypted into a hash, transferring data can be easy. Porting numbers would mean creating a block that can be shared with the other telecom company. This can help in making a quick transfer and having all the information updated.