Optiva is a leading provider of mission-critical, cloud-native monetization and revenue management software on the private and public cloud.
They offer a particularly unique perspective on the opportunity and role telcos can play in the Web 3.0 economy.
In this presentation and this article, Chrisaman Sood provides insights into the future of telecommunications and how Web 3.0 technologies can revolutionize the Telco BSS industry.
Web 3.0 is the next generation of the internet, characterized by decentralized networks, artificial intelligence, and advanced data analytics. Web 3.0 aims to provide a more personalized and immersive user experience, enabling seamless integration of various technologies.
Telco BSS and Web 3.0
Chrisaman explains how Telco BSS, which stands for Business Support Systems, plays a crucial role in the telecommunications industry, encompassing various processes such as billing, customer management, and revenue assurance. The presentation highlights how Web 3.0 technologies can enhance these processes and improve overall efficiency.
He identifies a number of critical insights that define the specifics of the role and opportunity for telcos in the Web 3.0 economy:
Metaverse Billing
One of the most essential ways BSS can help monetize metaverse is by providing a smoother billing and payment system and smarter pairing of network assets with metaverse providers who can offer goods and services to their Web 3.0 users.
Metaverse users will require currency to buy virtual goods, pay for virtual services, and even pay for using the metaverse itself. This will be a combination of both cryptocurrency and fiat currency. The next-generation Web 3.0-ready BSS system will be crypto ready and provide a secure and reliable payment gateway that can handle transactions in real-time, providing a seamless user experience.
Creating A Crypto Wallet For Telecom Operators With BSS Support
One area where telecom operators are beginning to engage is creating crypto wallets to enable their customers to store and use cryptocurrencies. It can be a valuable addition to their services, as cryptocurrency use is growing rapidly, and customers are looking for a secure and reliable platform to store and transact their digital assets.
The modernized blockchain-based BSS system can support the creation of a crypto wallet by providing a billing and payment system that allows customers to top-up their wallets using fiat currency. This can be done through a secure payment gateway that ensures the transaction is processed in real-time.
NFT Marketplaces
BSS systems will also play a role in non-fungible token (NFT) space. NFTs are unique digital assets stored on a blockchain and are becoming increasingly popular to represent ownership of digital content such as art, music, videos, and more.
Web 3.0 BSS systems will help monetize NFTs in multiple ways. One is by providing a platform for creators to sell their digital assets to buyers, which is the marketplace model. BSS can offer a secure and reliable payment gateway that can handle transactions in real time, ensuring a seamless user experience for buyers and sellers.
