This Industry Viewpoint was authored by Noah Rafalko, founder and CEO of TSG Global, Inc.
Blockchain Holds the Key to Stomping out Robocalls, Scams and Spams… and Driving our Digital Future Forward, Securely
There’s a big roadblock holding back traffic on what we used to call the Information Superhighway. We look back nostalgically on the olden days when the term was coined – how far have we come since the 1990s? The Internet has been transformative in our lives, but many of us realize this Internet thing can get even bigger, even better. If only we would let it.
We have the tools to navigate around the problems that are thwarting great advancement, but old ways of thinking are holding us back from powering onward. Americans experience annoyance daily as they skirt around robocalls, spams and scams trying to avoid being duped by digital no-goods. But these unwanted communications present a bigger roadblock when it comes to realizing a brighter digital future. There are those pesky snags of identity protection we need to overcome first.
The notion of securing digital identity is arguably the biggest factor in what is preventing our digital economy from reaching newer, even greater heights. The future of the Internet – the race to 5G or Web3 – can only exceed expectations if the people using it are fully confident they, and their identities, are completely protected. It’s hard to believe technology can promise us so much when we are still plagued daily by robocalls.
Your phone number is likely to serve an event greater role as your global identifier. The lack of an efficient way to share and attest to the legitimate telephone number subscriber’s identity in today’s highly centralized systems is a big hurdle to jump. As a subscriber, today you have no control over who gets to see your personal information or data. This results in a breakdown of trust in communications.
Blockchain promises to be the technology that will help drive us to a more trustworthy digital future.
Simply put, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. It’s a perfect tool to safeguard industry and consumers alike from rampant fraud.
But blockchain suffers a big public relations problem – It is often confused with cryptocurrency and the sinister world of money laundering and get-rich-quick schemes. Blockchain serves as the backbone to cryptocurrency, yet it is not just a digital currency. There are blockchain tools that fuel the rise of entities like Bitcoin but more and more, companies are embracing it for its peer-to-peer transfer of value beyond being a decentralized wealth builder. Industry will be transformed through blockchain technology and smart contracts because they promise us endless potential which has yet to reveal itself.
Momentum for blockchain grows at an impressive rate. Eighty three percent (83%) of executives responding to Deloitte’s 2020 Global Blockchain Survey expressed worry that their company can lose competitive edge if they don’t jump on the blockchain bandwagon soon. The number of those saying blockchain is overhyped is diminishing as they Survey results are up 15 percent in two years.
A 2020 report from McKinsey proclaims that “transformative applications are at our doorstep.” To reach full power, however, they need to “tied to a business model in which the logic of value creation and capture departs from existing approaches.” McKinsey recognizes these challenges but is certain they can unlock future growth for companies.
Managing your business digital asset ownership rights and identity are now critical to success. Whether it’s your website, email, sensitive files, data, or delivery of trusted communications it has never been more important to take control of your identity. Lack of self-sovereign identity and control of communications created most of the unnecessary interruptions in service.
Businesses or their service providers can manage a single chain of custody record attached to a phone number within the many siloed registrants.
Let’s get this right first by applying blockchain solutions to our most basic communications – voice and data. Let’s welcome only the parties we want into our network and reject the schemers and scammers. With traditional communications restored we can then usher in a new era of the Internet and see what excitement the digital world is waiting for us.
Noah Rafalko is a pioneer in TNID (Telephone Number ID), a blockchain solution that restores trust in communications. Noah is founder and CEO of TSG Global, Inc. which provides voice, messaging and identity management services for SaaS companies and large enterprises.
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