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Blockchain-based Communications Technology Is The Future, According To Karatbars
The blockchain is an amazing technology that has been put to use in almost every available industry. It is a technology that has made industrial operations easier thanks to its decentralized nature, security, and speed. Industries like health, education, sports, and many others have, in one way or the other, implemented the technology and have seen tremendous growth. And some companies, like Karatbars International GmbH, have even gone ahead and integrated this technology in the ever-important communications industry.
Karatbars is a blockchain-focused company that wants to disrupt the existing methods of payment in finance by restoring the status of gold and making it a more accessible asset, which can be used as both a store of value and a method of payment. The company was founded by Harald Seiz, who is a fervent entrepreneur as well as a seasoned investor. Seiz is also the CEO of Karatbars.
Harald Seiz has always been a passionate man, he held on firmly to his dream of making it big as a businessman, and his love for gold didn’t let him down. Now, he is on course to bring back its glory days.
How Karatbars is using blockchain to innovate
The invention of blockchain gave Seiz a different perspective on how to go about things, as he looked to combine the unique qualities and abilities of the technology and those of the beloved precious metal, gold. Now, Karatbars is looking to revolutionize the communications sector with the help of blockchain.
Karatbars, as a company, believes that the blockchain can be used for anything and everything, it is not just about the “liberation” of gold but about how blockchain technology can be used to improve so many aspects of today’s world. This has led the company to release the voice-over-blockchain-protocol based smartphone, named the IMpulse K1, and the blockchain-powered laptop computer, which is called the WHIM K1.
According to Karatbars, one of the problems faced by telecommunications companies is that they need to innovate in a very competitive market while reducing costs in a bid to keep their services at a price range that is still affordable. Karatbars believes that blockchain technology is the perfect solution to the current problems faced by the industry.
Blockchain-based communications technology
Many applications in the telecommunications industry already use blockchain technology. The fact that it is able to hold the historical records of its users without the chance of them being tampered with, makes it possible to very easily manage and oversee different aspects of a users’ account. Some of the blockchain applications that are being used in the telecommunications industry include the automation of many internal operations, such as roaming, billing systems, and supply chain management.
Using smart contracts provided by blockchain technology to automate billing systems saves companies a lot of their time, money, and effort. It also prevents any possibility of fraud. As a result of this, the entire process of accounting and auditing could be automated and would save telecommunications companies more money.
And there is so much more the blockchain technology can offer to the telecommunications industry. There are so many blockchain-based services that can create a new revenue source for telecommunications companies. Although these services have not been fully explored or discovered yet, there are a few of them that are already clear enough to be executed on a large scale.
The low costs involved in using blockchain for payments can help telecommunications companies to provide micropayments, which are used to purchase online mobile games, music, and a whole lot more. Deploying this service will ensure that vital information like bank account details and credit card information will not be provided to third party applications.
In essence, the security of the blockchain applications used in the telecommunications industry will provide users with an even higher level of security.
Customer to customer money transfers
Another application of blockchain technology in the telecommunications industry is money transfer. Blockchain became so well-known because of cryptocurrencies, which allow a simple peer-to-peer transfer of money.
Telecommunications companies can apply this concept to enable their users to transfer money to other customers using a blockchain-based service.
Currently, identity verification technologies are costing companies billions. Seeing that digital identity verification is one of the most valuable applications for the telecommunications industry, it is only wise for blockchain technology to be implemented, as it is well known for its reliable and impeccable level of security.
The blockchain will become even more important for telecommunications companies if it’s deployed in all other aspects of life in the future. Many start-ups are now already deploying much cheaper and more secure blockchain-based identity verification systems.
According to Karatbars, these are some of the benefits the industry stands to gain if it implements blockchain technology. Also, the future is near, and blockchain-based communications technology is the future of the industry.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.