Startup Aims to Build Open-Source Telecom Ecosystem on Blockchain
Startup is working on building world’s first decentralized telecom network, bridging gap between Blockchain and telcos.
There are 2,000+ mobile network operations in charge of providing communication services at global scale. However, the traditional infrastructure is centralized, inflexible and inaccurate. Common services like 3G/4G, Wi-Fi, BOSS mobile communications solutions and companies that use cloud-based communications solutions are often unable to render accurate content billing and distribution.
Conventional mobile packages overcharge customers, not to mention that they pose concerns around data transmissions. An alternative solution to average mobile network providers could be Blockchain technology.
Decentralized telecommunication ecosystem
As opposed to a controlled, centralized telecom system, a decentralized approach could provide better privacy from an end-user perspective. At the same time, it could offer more affordable and flexible packages tailored specifically to the needs of the customer.
Standard telcos are known for their inability to deal with network breaches and security gaps. Users fear that their privacy may be breached at any point by savvy hackers hungry for their personal browsing history, or for delicate information such as social security number and private passwords.
Blockchain technology to the rescue
With Blockchain technology, the telecom industry could evolve into customized data plans that deploy smart contracts, ensuring the end users’ information is secured. There are certain bulletproof features of the Blockchain to back up such claims, such as consensus algorithms, asymmetric encryption and a distributed ledger. By using a secure digital identity, telco users can leverage digital assets to protect their private data.
Through a decentralized global Wi-Fi sharing network, advertisers and content producers could make their content accessible to fans without making them pay for additional data transfer costs. Qlink, a Singapore-based project, is on a quest to build the world’s first mobile network powered by Blockchain technology.
Co-Founder and COO of Qlink, Susan Zhou, emphasizes:
“Qlink believes the development of the Blockchain industry as a whole will experience a long period of explorational development and then seek merger and integration. Public chain services with different purposes will communicate via agreements and protocols, similar to the TCP/IP in Internet industry today. The Telecom chain, as one of the foundational chain which supports all communication services, will be one of the pillar chains in the ecosystem, meaning Qlink has the most potential to integrate Blockchain based telecommunication in the near future.”
Bridge between Blockchain, telecom
By building a decentralized mobile network, Qlink aims to create a P2P Wi-Fi network for digital assets like SMS packages, Wi-Fi hotspots and data. The company’s end goals are to enable quicker content distribution, develop new revenue channels and establish a brand new data clearing platform among major carriers.
The Qlink ecosystem allows industry players to adopt a user-driven approach, and leverage new business models to disrupt and impact the traditional telecom system. Digital assets are registered on the Qlink NEO Blockchain, whereas billing and content information will be featured on Qlink chain. The dual Blockchain architecture will streamline communication through the cross-chain protocol.
To create a truly decentralized mobile network, Qlink will also launch its very own vehicle-mounted hardware, Qlink BaseStation. The aim will be to allow the end-user to contribute to the decentralized 4G network coverage. The company crowdsale runs on the NEO Blockchain.