HashCash to Enter the Telecom Industry with Its Blockchain Solutions
Billing and inter-carrier agreements are the primary pain areas in telecom technology inhibiting carriers from venturing into new markets as swiftly as the newer cloud providers. The telecom industry is known for being reluctant to adopt innovation, resulting in operations such as closing communications contracts to stretch over months. The tides, however, are turning with telecom stalwarts taking heed of smart contracts as a suitable means to rectify this issue. California-based blockchain expert HashCash Consultants has acted on the said shift in perspective and revealed plans to take its blockchain product line to the industry that has reached an inflection point.
HashCash Consultants, HC NET and HCX
The blockchain products and services created by HashCash run on its state-of-art blockchain network, HC Net. A growing list of enterprises is adopting this network around the globe and in major economies to move assets and settle payments across borders in real-time using distributed ledger technology.
Transactions on HC Net are settled almost immediately and are executed using leading cryptocurrencies such as Bitcoin, Ethereum, and HCX (the blockchain company’s native digital asset on HC Net). HCX specifically settles payments in 2-4 seconds in an over a thousand node environment.
Highly scalable, HCX can handle 3000 concurrent transactions (transactions per second) and 100+ million transactions a day. At 75,000 transactions per second, the network scalability exceeded the throughput of current payment networks in a test environment, with the implementation of SegWit.
Validation of transactions and subsequent billing in the blockchain network are done using smart contracts and are therefore foolproof and instantaneous. Any information updated on the decentralized distributed ledger is rendered immutable by complex encryption, which makes it permanent and accessible for future audit.
Corporate houses can settle instantly with banks or other liquidity providers, and wallet providers can use any bank or liquidity providers on the network for settlements. PSPs can operate on this network without the need for an acquiring bank. Merchants can cut down the cost of receiving payments and receive money instantly.
Benefits of Blockchain to Telecom
Telecom industry consists of many alcoves that blockchain technology can fit into. Hordes of third-party agreements and transactions involving complex settlement process are areas that can be streamlined by DLT. The distributed ledgers serve as a secure ecosystem where records of transaction data are stored automatically without any influence from an external actor.
“With the implementation of smart contracts, blockchain technology provides a system and devices to imprint evidence of a contract on a distributed digital ledger by an uncomplicated method” explains Raj Chowdhury, MD of HashCash Consultants. “This is achieved by upholding the principle of assigning one electronic signature per transaction to authenticate the agreements made among the involved parties.”
Since blockchain technology efficiently automates billing during carrier-settlement, other benefits that can be derived from it are:
- Fraud prevention: If fraud were to be cut down by even 50%, it would prevent a loss of $19 billion to the telecom industry annually, which is also 1.8% of total revenue.
- Network Security: The security and immutability of a network built on blockchain for transactions create a risk-mitigation opportunity for communications service providers or CSPs.
- Proof of Identity: This aspect of blockchain opens up a potential new revenue stream for CSPs which could offer service as trusted entities providing identity management.
- Settlement: Switching to a lower-cost, blockchain-based alternative to existing systems for mobile roaming settlement would save $650 million for the global mobile industry annually, or 0.04% of total revenue.
- Mobile payments: When it comes to mobile payments, blockchain could be an alternative to existing intermediaries.
Initial Steps of Blockchain into Telecom
The fact that blockchain technology is still perceived to be fairly new and has a long way to go before it reaches maturity is perhaps why big establishments are going slow in adopting the innovation. Therefore, HashCash will initially be providing blockchain solutions to the industry in the form of smaller private networks to expedite the automation of inter-carrier settlement. The company is also focused on introducing blockchain-based automation in billing and OSS software.
About HashCash Consultants
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins. HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.