![geneos telecom steemit.jpg](https://cdn.steemitimages.com/DQmVKvxTiApwQc1eNsup5ZFLebANCtJhHsRJ57EchUzHXpT/geneos%20telecom%20steemit.jpg)

According to MarketsandMarkets, [the value of blockchain in telecom will surge by 20 times during the next five years and reach $994 million](https://www.marketsandmarkets.com/Market-Reports/blockchain-telecom-market-111971907.html). 
## A Few Words about Telecom
Roughly, telecom contains four major directions. They are telecommunications, internet, cable television, and satellite TV.

Currently, telecom companies are striving to adopt a customer-centered business approach because its profitability is evident. For example, in 2017 in Canada, [customer acquisition cost](https://business.financialpost.com/technology/big-telecoms-are-spending-more-cash-to-keep-customers-but-some-tactics-raise-concerns) is $521 on average. 

This is 50x more than the retention cost, that is $11. In this light, blockchain can bring more efficiency to operations and business support systems (OSS/BSS) to cut these costs while enabling better data protection and operability.

## The Role of Blockchain in Telecom
Decentralized applications (Dapps) on top of blockchain can furnish telecom with near-immediate secure tracking of customers’ actions. The Proof-of-Stake concept of blockchain makes this speed possible, and this can be enabled easily with ready-made blockchain environments like [genEOS](http://geneos.io/). Among other advantages brought about by blockchain in telecom, there is fraud protection, security of IoT connectivity, and sustainability of 5G networks.

There are some weaknesses, though, like the uncertainty surrounding the legal status of the technology and the lack of development workforce. However, blockchain platforms like genEOS can address these challenges, too. 

## The Perks of Blockchain for Telcos
In telecom, blockchain has great potential. Due to its secure, immediate, and traceable approach, the technology can help with personalizing customer experiences, revealing fraud, storing data, adopting IoT, and improving 5G technology.
### Personalized Services
To turn customers loyal, telcos should be able to make unique offers to their subscribers depending on their behavior. Once a subscriber makes more calls, consumes more data, or starts using roaming, providers should detect this as early as possible and offer a more cost-efficient plan to the subscriber. With its real-time support of OSS/BSS processes, blockchain can spot a change in a subscriber’s preferences immediately and automatically.
###OSS/BSS Safeguard
Fraud is one of the biggest problems in telecom. Someone can steal or even clone a SIM card, or hack SMS authorization data, while the original SIM holders will be still paying for everything out of their pockets. To prevent such damage, blockchain secures OSS/BSS operation and detects fraud instantly.
### Hack-proof IoT Connectivity
The surge of new smart devices raises a problem of secure IoT connectivity. Third parties may hack smart appliances and seize them. With its decentralized immutability,  blockchain can protect connected devices from breaches.
### 5G Sustainability
As 5G supports the Internet access via different networks, the decentralized approach of blockchain can ensure the sustainability of 5G connections.

## Some Concerns, Still
### Legal Status
The uncertainty about blockchain’s regulatory status restrains this technology’s growth. Although most countries don’t regulate blockchain at all, there are some exclusions. For example, in 2017 China officially prohibited ICOs. The USA tracks bitcoin users yet allows participating in some ICOs.

However, blockchain projects find ways to handle this challenge.
### Lack of IT Professionals
As blockchain is a new technology, developers only start embracing it. That’s why the amount of professionals developing on blockchain is limited.

To address this challenge, blockchain platforms like [genEOS](http://geneos.io/) provide a development toolkit for building Dapps but also  their team’s assistance in every project.

## Takeaways
* Blockchain guarantees security and immediate traceability of OSS/BSS processes for telcos
* Blockchain widens the horizons of fraud protection, IoT connectivity, and 5G adoption.
* The weaknesses of blockchain can be compensated by developing on blockchain platforms like genEOS.