Distributed Ledger Technology has literally revolutionized the system of messaging. It has broken down the barriers to entry and has helped entities to connect with customers easily.
DLT has upgraded the system with multiple features to help businesses transact securely and reliably.
- Decentralisation and distribution – DLT is all about a “decentralized” network against the conventional centralized one which eliminates the need for a central authority to keep a check against manipulation. It makes the copies stored across the network to be immune to a cyber-crime.
- Fraud management – With the implementation of DLT, it has become much easier to prevent fraud related to multiple funding of the same receivables through unrelated providers. This has resulted in the acceleration of the business process, easy exchange of information, and consistent user experience.
- Transparent and trusted – DLT, being a decentralized system needs the parties to become transparent and open because there is no central authority to govern the coordination. Not only does DLT assure trust and transparency, but it also reduces transaction costs and increases efficiency.
- Data privacy and security – The technology gives the power of storing personal data into the hands of regular users to be able to verify the transactions themselves, which makes it trustworthy and secure for businesses.
- Empowering the end-users – DLT puts the end-users in control of their own data and improves user’s trust in carrying out transactions. It gives human-to-human trust that we need in society.
- 0 identity crisis – One of the main reasons for TRAI to implement DLT was to stop the unsolicited communication by fake identities. With DLT in action, there is no scope for spamming by frauds and unregistered entities.
- Spam reduction – The technology aims to curb Unsolicited Commercial Communication (UCC) and enables spam calls and messages. After registering on the DLT portal, telemarketers can only use designated number series and SMS services to connect with customers. Before any SMS is sent to the customers, the details of the messages are sent to the portal for verification.
- Traceable – When you register your entity on a DLT platform, you enter information that can be used in the future by the designated authority. DLT doesn’t allow any other entities that are not registered on the platform to connect or send messages to the customers which makes it easy for the authority to trace the entity that has information entered on the platform.