According to Forbes, Telefónica is the seventh biggest telecom company in the world by market capitalization, valued at $51 billion. The company carries out business in 17 nations, with 343 million customers.
The partnership with IBM intends to streamline certain Telefónica business processes and address various challenges in the fields, including the reliability and transparency of information registered from different networks when routing international calls.
Particularly, Telefónica intends to implement the IBM Blockchain Platform for tracking the certainty and traceability of each international call and related data, for example, origin, destination, and duration.
Besides, the platform will be used in creating a network of peers consisting of operators, service providers, vendors, and other parties. As per the release, access to the platform will be available for all participants in the chain.
The project will further purportedly help Telefónica identify fraudulent activity and address issues like dispute resolution, commercial loss because of uncollected revenues, or discrepancies in information.
Chief Innovation Officer of Telefónica, Mr. Gonzalo Martín-Villa stated that “blockchain will enable operators to create a new layer of confidence in the Internet-based not on the players that generate the information and the transactions but on the information itself.”
IBM afterward affirmed the collaboration with Telefónica in a separate announcement, stating that ‘IBM and Telefónica are partnering in the development of a Proof of Concept (PoC) based on IBM blockchain to help resolve one of the major challenges of communications service providers, the management of international mobile phone call traffic.’
A month ago, the innovation wing of Vietnam’s biggest telecommunications operator Viettel Group, set a goal to become Vietnam’s leading blockchain tech provider in five years. In its race to keep pace with development trends, the company has now made a blockchain-powered solution to enhance file management in the healthcare sectors.