Telstra, Telefonica, and BT Joins Blockchain Settlement Trial

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Telecom Giants Telefonica, BT, and Telstra Join Blockchain Settlement Trial

PCCW Global and Colt have added notable new members to a blockchain trial that intends to cut costs in the telecom industry.

A Press Release states, first unveiled in March, the proof-of-concept (PoC) was created with the assistance from blockchain startup Clear and uses blockchain technology to automate the traditionally labor-intensive and expensive inter-carrier settlement of international wholesale services.

Presently joining the trial are major telcos from the ITW Global Leader’s Forum, including Telefonica, BT, Telstra and HGC Global Communications.

The original effort converged on the settlement of wholesale voice minutes and utilized historical data in tests. In its recent iteration, the PoC will bring live data feeds into the blockchain system, which, the release says, enable data traffic to be automatically checked and settled amid carriers.

CEO of New Member HGC, Mr. Andrew Kwok, said on the potential effect of the trial, stating that, if successful, the venture would illustrate “a new business relationship among global carriers and reshape our business practice in the industry.”

As per CEO of Colt, Mr. Carl Grivner, using live data was a big step after the success of the first trial, one that would “prove the use case for blockchain technology” in the telecom industry.

Carl Grivner included:

“Not only did the second iteration of the PoC do what was intended to match and settle wholesale traffic independently with live information accurately. It also signals the future of telecoms, whereby previously intensive manual practices can be securely automated to enable businesses such as Colt to invest resources into driving both our and our customer’s businesses forward.”

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