Blockchain in telecom market is set for massive growth over the next five years, according to Verified Market Research.

The group projects the market to reach $5.3 billion by 2028 with a compound annual growth rate (CAGR) of 80.28% from 2021 to 2028 – soaring from its valued $85.83 million in 2020 in its recent Blockchain In Telecom Market report.

“Blockchain technology has several uses in the telecom sector, including the automation of numerous internal processes including billing systems, roaming, and supply chain management,” Verified Market Research stated in the release.

An earlier research from GlobalData’s suggested global executives discerned blockchain as hype – if they understood it at all. But telecom’s enterprise adoption has gained significant traction throughout the year with carriers like Verizon adopting it for dispute management and newly public XNET looking to establish itself as a multi-service blockchain mobile network operator (MNO).

“Almost all industries have accepted Blockchain as a technology because it has the ability to disrupt or alter business practices. It is a wonderful answer for the most crucial necessity of the telecom sector, which is to hold historical user records without any possibility of those records being altered,” Verified Market Research noted.

The group also found 5G's growing adoption to be a catalyst for the application of blockchain in technology, “as 5G enables efficient and dependable blockchain operation. Fraud in the telecommunications industry is a rapidly expanding area of criminal activity.”

“Blockchain can aid communication service providers in the detection and prevention of fraud. Scalability and interoperability are prerequisites for widespread use of blockchain technology. Only when industry standards are established, which is now in a developing stage, is this conceivable,” the firm continued.

According to the report, the global market study found the major players in the market to be IBM, SAP, Microsoft, AWS, Huawei, Blockchain Foundry, Oracle Corporation, ShoCard, Guardtime, Blocko, and Filament