Blockchain enabled conference call service – is there a need?
Blockchain technology has been a buzzword over the past couple of years, with use cases ranging from international payment remittance to a new ‘store of value’ (Bitcoin), to bringing pilot log books in to the 21st century. However, is there a need, or even a usercase for blockchain technology in conference calling?
The answer is yes and no.
Security. Would you believe it – there’s still companies and individuals out there that make use of ‘free conference call services’ (they’re not free), and with most of these ‘free’ services, security is non-existent, so, if you’re making use of one of these services and it’s with third parties, are you sure you’re not breaking GDPR regulations?
Blockchain could help. It can provider both encryption and validation, meaning, it could be utilised to push out unique conference call login details per attendee, while providing a level of anonymity and the ability to ‘burn’ the login details after a set amount of time. This could make a conference call service extremely secure. However…
A general rule of thumb is; if you can do it with a database, then there’s no need to use blockchain technology.
There are conference call services out there that already services industry such as finance and security, where additional levels of security are already in place to make hacking/cross pollination of conference call details next to impossible, such as Meetupcall, that offer secure conference call details, that offer a 1 in a billion chance in a hacker being able to compromise a call.
And what about cryptocurrency enabled conference calls? Perhaps there’s not an overall need for blockchain tech in teleconferencing, however, we don’t see why there can’t be the use of cryptocurrency in conference calling, but we can’t see it being anything more than a method of payment. However, user cases could be extended from Ripple’s XRPL to escrow payments in XRP, for example, between you and clients, especially if you are both located in different countries, where fast, transparent low fee costs would be a great advantage.