Deloitte report outlines why telecom, media, entertainment firms should invest in blockchain

30 Rockefeller Center is the location of Deloitte’s Global Head Office.

UK-incorporated multinational professional services organization Deloitte has released a report outlining why executives running telecommunications, media and entertainment (TM&E) businesses should be making investments now in blockchain, according to an email CoinReport received from Brodeur Partners, Deloitte’s communications agency.

The report titled “How can telecomm, media and entertainment find the value in blockchain?” begins with results from a 2018 Deloitte worldwide blockchain survey titled “Breaking blockchain open,” which includes answers from more than 1000 executives across seven countries regarding their views on the technology.

Some of the topline data points of that survey include:

• 84% believe that blockchain will broadly scale and reach mainstream adoption.
• 59% believe blockchain could disrupt their industries.
• 39% intend to invest $5 million or more in blockchain within the next year.
• 29% have joined a blockchain consortium.

Unlike industries such as finance, banking and logistics, TM&E firms are not necessarily seeing the way forward, says the email, adding, and how blockchain investments will translate into customer-centered improvements or revenues.

Opportunities to implement blockchain directly to their businesses range from the Internet of Things (IoT), digital identity and dynamic 5G networks to returning more royalties to content creators, enabling micropayments and stemming piracy.

The report discusses how blockchain can be used to protect against identity fraud; shares use case examples of how the technology can be deployed; suggests steps that TM&E firms should be taking now about investment in, and adoption of blockchain, including minimum investments required and the value of industry consortiums; and makes recommendations for TM&E business CFOs considering blockchain strategies.

Among the use case examples of how blockchain can be deployed, the report shares that in telecom; blockchain can offer greater security, resiliency, and automated management of device identity, authorization, provisioning and transactions and in media and entertainment; securing against piracy while allowing for sharing – and the bigger potential could unlock revenue by monetizing the casual sharing of content.

The full Deloitte report can be read here.

Image credit – David Shankbone (CC BY-SA 3.0)