Banks are progressively exploring and using DLT. DLT is an abbreviation for “Distributed Ledger Technology.” It is a digital record-keeping and correspondent sender ID management system. In many countries, this is a required step for SMS marketing to ensure compliance with telecommunications laws.
DLT registration is an easy approach to protect Indian consumers’ privacy and eliminate SMS spam. DLT enhances transaction times, decreases transaction costs, and increases transparency. Some financial institutions are exploring the potential benefits of developing blockchain-based solutions for international payments and trade finance.
What Is DLT Registration?
DLT is an acronym for Distributed Ledger Technology. DLT is an online panel based on blockchain technology. This online interface will securely store the record of entities, sender ID, and message templates. All of the companies in the panel will be linked to each other. This will stop fraud and make the SMS-sending process transparent.
DLT registration is the procedure of registering your company, sender IDs, messaging templates, and other necessary information on a DLT platform. To continue distributing Bulk SMS to customers, companies, businesses, and organizations must register with DLT under the new TRAI rules. Companies must register on DLT platforms to send Bulk SMS. This protects customer privacy and makes SMS spamming difficult.
Before sending SMS messages to your consumers, you must adhere to these regulations and procedures. You will be able to enjoy the full benefits of SMS once you understand DLT and properly register your firm on DLT.
Your company’s name, address, contact info, and SMS marketing goals are all required details for registration on a DLT platform. After registering, your company will be granted a unique identifier for sending SMS messages.
Consumers who wish to refrain from receiving promotional SMS messages from companies can indicate their preference using DLT registration. To do so, they can send the text message “STOP” to the business’s SMS message.
Introduction of DLT
DLT platform involves ledgers maintained on separate, networked devices to ensure the integrity and security of data. The large number of scammers caused a lot of problems.
- Rise in fraudulent activity: With time, illegal acts became more prevalent. This creates issues for companies whose customer service relies on text messages.
- Failure to track SMS senders: Indian telecom regulators couldn’t follow SMS senders or third-party sellers. They needed more information to proceed.
- Difficulty in prosecuting scammers: It takes more than a week to arrest a fraudster or scammer.
Customers were at risk for privacy breaches, scams, and data loss because there were no regulations in existence. So, TRAI created DLT to fix this issue and make sure that people in India follow the guidelines for using SMS.
The implementation of DLT introduced regulation and equality to SMS usage. It also solved the issues that companies and customers previously experienced due to spam emails.
Purpose of DLT in Day Trading
DLT in day trading encompasses all sorts of trading involving a distributed ledger system, also known as a blockchain. Consequently, this contains cryptocurrency trading. However, the main objective of DLT in trading is not on the asset-level trading of cryptocurrencies.
DLT enables trusted, transparent, and decentralized financial transactions to take place independently of any one organization. As a ledger, DLT tracks incoming and outgoing funds. This is very useful for keeping track of financial transactions, but DLT is wider than that specific use.
Smart contracts have found considerable use in the field of trade finance. Smart contracts streamline commercial transactions, removing intermediaries and inefficiencies. DLT also facilitates improved Know Your Customer operations, secure digital identity solutions, and faster international payments.
It is increasingly important for today’s organizations and corporations to have reliable financial reporting, efficient supply chain management, the elimination of fraud, and the detection of inefficiencies. It has many more applications in time-consuming and expensive business processes.
Registration procedure for DLT
The DLT registration procedure consists of three phases.
- Registration of entities
- Registration of Sender IDs
- Registration headers
- Registration of templates
Phase 1: Registration of entities using the DLT
The first thing you need to do is register your company (the primary entity) with a trusted service provider.
You’ll need a few specific documents to complete this task successfully:
- PAN for business use
- The GST certificate
- Certificate of incorporation or other appropriate identification or address proof
Phase 2: Registration of Sender IDs
After you have successfully registered your entity, the following step is to register the sender ID on DLT.
For your SMS marketing efforts, you must have to generate a sender ID.
You can only get started sending an SMS with a sender ID.
Phase 3: Registration headers
To use the DLT platform, you will need to register your headers once you have obtained your Entity ID. SMS messages can only be sent by verified senders with registered headers.
You can customize the dashboard’s headers by clicking the Headers tab.
There are two distinct categories of Headers available for your selection: Promotional and Others. Choose a numeric sender ID with six digits to use if you want to send out campaigns of the first category, which include offers, discounts, and promotions. The DLT platform adds an industry prefix automatically.
You can pick an alphanumeric header name with six characters if you want to send transactional ads like notifications and alerts. If you’re going to send an OTP, an advertising message, or a notification message, use a different header for each one.
The name of your header should match the name of your organization. In the description box, explain the difference in the header name if it is available.
Phase 4: Registration of templates
The next stage in DLT registration is to add consent templates after you have already registered your business enterprise and headers. Enterprises must offer users a consent template to gain opt-in consent for promotional messages.
This is the most essential phase of the registration procedure—a standard message sent to enterprise end users requesting their authorization to receive notifications from the specific organization.
The Consent Template is divided into three distinct sections.
- Name of the template: Name as per preference
- Name of the Brand: Product/trade name or numerous brand names
- Consent scope: The content they wish to transmit to end users
In this step, the operator decides whether or not to accept your SMS template. You are unable to send an SMS that DLT has not approved.
Steps for Completion of the Procedure
Register your enterprise with any operator. You are only required to register with some operators. It will automatically integrate with all platforms.
Get yourself registered with the main office or Enterprise. You must upload KYC documents such as your PAN Card, GST certification, and so on. After registering your company, a request ID will be generated.
Once the operator has approved your business, they will send you a confirmation email. You will obtain a unique entity ID.
After logging in to your account, go to the header area of the platform and add your sender name. There are two options available in the dropdown menu: Other and Promotional. To customize the transactional message, choose “other” and provide a sender name with at least six alphabetic letters. If the promotional option was selected, six characters’ numeric value should be added. You can include as many headers as you like. Now, you must wait for approval. It can take 1–7 business days.
Once the header has been approved, you will receive a confirmation email. Now, add the template layout and publish consent on the DLT portal. To continue with the DLT registration process, the next step is to add content templates after you have first registered consent templates. A content template contains the text of the SMS message you wish to send.
Conclusion
DLT in day trading is the digitization of several trade finance procedures and exchanges. The current trade financing processes could be more efficient, time-consuming, and prone to errors. Distributed ledger technology has the potential to resolve this issue. These new techniques allow financial institutions to transfer large quantities of money across borders with minimal fees and promptly. DLT in day trading may deliver fully functional blockchain-powered trade systems that accelerate blockchain adoption.
I'm experienced SEO expert currently working at Fonada, a leading provider of cloud telephony solutions. With 3+ years in the digital marketing industry, he leverages his technical knowledge of search engine optimization and analytics to boost website visibility and traffic for Fonada's suite of customer experience solutions.
