Business Use Case
Telco and Identity
- Telco companies face significant financial losses due to identity theft
- Self-Sovereign Identity (SSI) offers a promising solution for preventing fraud in the telecommunication industry
- Telco companies can act as issuers, verifiers, and infrastructure providers in the SSI ecosystem
- Telco companies can leverage SSI to position themselves in the upcoming SSI market.
Telecommunication companies have a crucial role as infrastructure providers in our digital society. They enable communication between individuals and businesses, provide internet access, and support a wide range of digital services. However, the telecommunication industry has been facing major issues with identity theft, which has resulted in significant financial losses. According to studies, the annual damage caused by telecommunications fraud worldwide amounts to a mid-double-digit billion sum.
SSI has emerged as a promising solution for safeguarding personal information and preventing fraud. Beyond that, SSI offers further use cases for telecommunication provider in their position as a verifier, issuer and infrastructure provider.
Telecommunication companies have access to a wealth of customer data, including personal information, account information etc. This data is highly valuable to other companies. By acting as issuers of SSI credentials, telecommunication companies can leverage this data with the confirmation of the customer to create new revenue streams.
Currently, telecommunication companies rely on traditional identity verification methods (e.g. requesting copies of their government-issued ID) which can be time-consuming and costly. By acting as verifiers in the SSI ecosystem, telecommunication companies can leverage the SSI credentials presented to them to reduce the cost of identity verification.
3. Infrastructure provider
Telecommunication companies can contribute to the development of SSI standards and protocols, which can help to ensure interoperability and compatibility across different SSI networks. In combination with the high level of Trust they can promote the growth of the SSI ecosystem and encourage the adoption of SSI on a larger scale.
Self-Sovereign Identity (SSI) offers major benefits for telecommunication companies such as:
Preventing fraud: SSI can help prevent identity theft and other types of fraud
New revenue streams: Creating new revenue streams by acting as issuers of SSI credentials
Cost savings: Using SSI can reduce the cost of identity verification
In conclusion, SSI offers multiple advantages for telecommunication industries at the current stage as well as a opportunity to position themselves in this upcoming market. Telecommunication companies can benefit from myEGO as it is like a toolbox that provides solutions across all Layers to build & implement SSI into existing ecosystems.