The telecommunications sector has been slow to embrace the opportunities of distributed ledger technology, AKA blockchain. This follower approach is risky: The emerging virtualization of network infrastructure could give rise to a new wave of attacks on potential telco revenue opportunities by over-the-top players and technology firms. This report helps CIOs in and around the telecom sector by outlining the opportunities that blockchain can bring to telcos and in which areas other businesses should collaborate with telcos around blockchain.