Blockchain In Telecom: How Bitcoin Latinum Can Service The Telecom Industry
Over the course of this utility series, we have learned about the potential benefits of Bitcoin Latinum to fill the emerging demands of corporations and consumers within the Media and Entertainment, Gaming, and Cloud Computing industries. This fourth and final segment will showcase how Bitcoin Latinum is primed to service the incoming demands of telecommunications providers and their customers.
The current telecommunications industry is lagged by the limitations of modern technology infrastructure and many traditional practices performed by telecom leaders. In this digital age, any form of internet communication can be tracked; from phone calls to Facebook posts, data is constantly being collected on every click users make. In fact, major companies have created billion-dollar empires from a freemium business model where they profit from selling user data to third party services, and tech companies are getting away with this solicitation because most users do not know better. If customer-to-enterprise data exchanges are going to be secure and private, than there needs to be a new system put in place.
The issues created by the centralized tech companies can be solved using decentralized blockchain technologies. Instead of transferring information through corporate servers, information can be transmitted through anonymous user nodes that all collaborate for validation. Through decentralization, data is exchanged on a secure network and sent directly to the desired recipient with no intermediary, eliminating unnecessary costs and reducing third-party facilitation risks. Without intermediaries, no centralized body controls the flow of communication, and no one else besides the sender and the recipient have access to the data. Additionally, decentralized infrastructures remove hardware entities that are vulnerable to hackers. The decentralization of telecom services allows information and data flow to be optimized with significantly less security risks than competing centralized services.
Blockchain technology helps facilitate information flow, however, not all blockchains or cryptocurrencies are equally good at data intermediation. Bitcoin, for example, performs 4.6 transactions per second (TPS), which is significantly slower than the TPS required for Bitcoin’s blockchain to be utilized at scale. To engineer greater scalability, the workload of Bitcoin’s blockchain can be offset and the rules changed via a hard fork.
The future of telecommunications relies on technology that is scalable, secure, and fast enough to manage the incoming demand to support widespread adoption of next-generation technologies such as Internet of Things (IoT) and 5G networks. The data being exchanged across these technologies never stops, and the proper deployment of the right blockchain network can help facilitate these never-ending data exchanges with minimal costs and lightning speed, sustainably.
Using Bitcoin’s existing protocols, Bitcoin Latinum is a hard fork of Bitcoin that enhances several blockchain infrastructure bottlenecks, providing tremendous upgrades to scalability, security, sustainability, and network governance. As a result of Latinum’s infrastructure upgrades, transaction speeds and costs per transaction are infinitesimally smaller than leading blockchains like Bitcoin and Ethereum. Additionally, Latinum’s secure and transparent governance allows holders to influence changes to the network, ensuring that those with the most stake in Latinum are most able to preserve its longevity. Through Bitcoin Latinum, traditional telecommunications practices may soon be overridden to better optimize processes industry-wide and aid in the seamless deployment of IoT and 5G technology.