Exploring the possibilities of a Web3 telecom: A look into the future

cointelegraph.com:

The Web3 space is rapidly taking over the crypto world, and it could soon become part of the traditional telecom industry as well. According to the latest DappRadar industry report, Web3 platforms and blockchain-based applications attracted more unique active wallets in 2022, which skyrocketed to 2.37 million from 1.58 million in 2021.

This rapid growth in popularity of blockchain-based platforms is also set to enter the telecom industry, with companies already working on innovative projects. So, what are the benefits of a Web3 telecom service?

One of the main challenges for telecom service providers is managing costs and reaching audiences in countries where the main population is underprivileged. Bringing communications services to these areas of the world is important but difficult to achieve.

This is where blockchain technology and an interconnected Web3 platform can bring meaningful solutions. Companies are already working on employing the decentralized network blockchain offers to provide new services to telecom customers. From reducing costs on mobile data services to facilitating mobile money transfers with cryptocurrency tokens, blockchain tech has the potential to reshape the product suite telecom companies can offer to users.

Blockchains could also be used to create digital identity systems that allow people to access mobile data and telecom services without the need for traditional forms of identification, such as a passport or driver’s license, which can be difficult for people in underprivileged communities to obtain. Not only that, thanks to smart contracts, telecoms can create an identification and documentation system that does not require customers’ presence at an office to sign mountains of paperwork.

Consi