By Chrisaman Sood, Product Manager, Optiva • May 9, 2023
Chris is a wanderer by heart and technology geek. He has 20 years of experience in telecom, including Solution Architecture, Customer Engagement, and Product Management. He has three patents and is exploring blockchain as a technology to solve real-world problems. In his free time, he is a hardcore artist pursuing professional photography, creating digital NFTs, playing acoustic guitar, and learning traditional flute. Chris helps drive the customer experience journey for Optiva products.
Web 3.0 and metaverse are shaping up to be the next big revolution in the world of technology. The internet has come a long way since its inception. Now, we are witnessing the emergence of a new era of the internet, one that is decentralized, open, and secure.
This new era, commonly called Web 3.0, is powered by cutting-edge technologies such as blockchain, artificial intelligence, and the internet of things (IoT). Additionally, the concept of the metaverse, a virtual world where people can interact and engage with each other, is gaining traction. As we move towards this new era of the internet, it is important to explore how BSS can support the development and monetization of the metaverse and the adoption of Web 3.0 technologies for telecom operators.
In this blog post, we will discuss the future of BSS, the opportunities it presents, and the challenges it faces in the world of Web 3.0 and metaverse.
How BSS Systems Can Monetize Metaverse
BSS is a crucial component of any telecom software company’s infrastructure as it helps manage the business operations of a telecom company, including billing, customer management, revenue management, and more. BSS systems are known for customer scale and security and have acted as one of the first and finest fintechs in this space. 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.
Additionally, BSS can provide a customer management system that helps telecom operators manage their customers’ crypto wallets. This includes maintaining customer information and transaction history and providing customer support for wallet-related issues.
To create a crypto wallet, a telecom operator must have a strong technical infrastructure to ensure the wallet’s security and reliability. It must also integrate with various blockchain networks to enable customers to store and transact with different cryptocurrencies. It can be an exciting opportunity for telecom operators as a true Web 3.0 will be built on multiple blockchains, and interoperability will be the backbone for success.
The Role Of BSS Systems In Customer Experience, Web 3.0 And NFTs
The second most crucial aspect of the metaverse will be customer experience. A modern Web 3.0 BSS will help manage the customer experience in the metaverse. As users engage with each other in a virtual environment, they will require support, which can include technical support, customer service, and other services.
Telecom CSPs have previously handled this type of support experience to the scale of millions of customers. In the current metaverse or Web 3.0 ecosystem, though decentralization is one of the aspects, getting dedicated support would be the key to experience in the initial phases of the transition of customers from Web 2.0 to Web 3.0 and metaverse. Web 3.0 BSS will provide a platform for customers to engage with the company, allowing them to access support services easily.
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.
If you ask any NFT project owner, the token’s adoption is the key to their project’s success. The building of community is the second most crucial mantra of any NFT project. With too many crypto NFT scams happening around the globe, security and trust are vital for success of NFT projects.
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.
Side-by-side BSS systems can partner with NFT projects to help them get the required traction in the market. The vast customer base of telecom operators will be the most significant asset that any NFT project would die for. Telecom operators can smartly utilize this database to help sell genuine NFTs with smart campaigning mechanisms.
Additionally, BSS can help manage the ownership of NFTs by providing a customer management system that keeps track of the owners of NFTs, their transactions, and their digital assets.
BSS can also play a role in data analytics and value-based network asset monetization. It will be used to improve the customer experience in the metaverse. By analyzing network data, BSS provides insights into user behavior and preferences, which can help metaverse and other companies tailor their services to meet customers’ needs.
For example, modernized BSS systems will have smart algorithms based on network analytics to create optimal prices for a network slice, which metaverse can bundle with their assets to provide a smooth end-to-end experience. Such algorithms will empower telecom operators to monetize their networks more smartly.
In the future world of Web 3.0, a BSS system will have several additional features and capabilities to support new business models and technologies. Some of these will include:
Decentralized Identity Management: With the rise of blockchain technology and decentralization towards Web 3.0, identity management is becoming more critical than ever. A BSS system can incorporate decentralized identity management solutions to enable secure and reliable identification and authentication of customers.
Smart Contract Management: Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. A BSS system can integrate smart contract management capabilities to automate and simplify contract execution and management between partners and CSPs
AI and Machine Learning: Artificial intelligence (AI) and machine learning (ML) can be used to analyze large amounts of customer data and provide insights into customer behavior and preferences. A BSS system can incorporate AI and ML algorithms to provide better customer experiences and optimize operations.
Multi-Channel Customer Engagement: With the proliferation of communication channels such as social media, messaging apps, and chatbots, a BSS system can support multi-channel customer engagement. This can include providing omnichannel support, personalized recommendations, and targeted marketing campaigns from app to metaverse experience.
Truly Could Native: The BSS for Web 3.0 and metaverse would need true features of a cloud, autoscaling up and down based on metaverse demands, low code no code customizing capabilities, and digital open architecture.
A BSS system in the future world of Web 3.0 will be more advanced, incorporating emerging technologies and capabilities to support new business models and customer needs, truly matching the real-time fast-moving pace of the internet.
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Product Manager, Optiva
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