Telecoms Giants BT, Telefonica and Telstra Join Blockchain Settlement Trial
Colt and PCCW Global have added notable new members to a blockchain trial that automates normally labor-intensive wholesale settlements.
Colt and PCCW Global have added notable new members to a blockchain trial that aims to cut costs in the telecoms industry.
First revealed in March, the proof-of-concept (PoC) was developed with assistance from blockchain startup Clear and uses blockchain technology to automate the traditionally labor-intensive and costly inter-carrier settlement of wholesale international services, a press release states.
Now joining the trial are major telcos from the ITW Global Leaders’ Forum, including BT, HGC Global Communications, Telefonica and Telstra.
The initial effort focused on the settlement of wholesale voice minutes and used historical data in tests. In its latest iteration, the PoC will be bringing live data feeds into the blockchain system, which, the release says, allows data traffic to be automatically verified and settled between carriers.
Andrew Kwok, CEO of new member HGC, commented on the potential impact of the trial, saying that, if successful, the project would demonstrate "a new business relationship among global carriers and reshape our business practice in the industry."
According to Carl Grivner, CEO of Colt, utilizing live data was an important step following the success of the initial trial, one that would "prove the use case for blockchain technology" in the telecom industry.
Mobile masts image via Shutterstock
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