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Renowned Telecoms BT, Telefonica and Telstra to Be Part of Blockchain Settlement Trial

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In a press release dated 8th May, Colt Technology and PCCW Global announced the addition of new members in a blockchain trial that seeks to automate usually labor-intensive wholesale settlements. The initiative came about in March with the announcement that proof-of-concept (PoC) had been developed in collaboration with a blockchain startup Clear.

The new members of the trial are major telcos that are members of ITW Global Leaders’ Forum, consisting of BT, HGC Global Communications, Telefonica and Telstra.

CoinDesk reports that in the beginning, the trial focused on the settlement of wholesale voice minutes and used historical data in tests. However, in the latest version, the PoC will be bringing live data feeds into the blockchain system. According to the release, this allows data traffic to be automatically verified and settled between carriers.

Carl Grivner, Chief Executive Officer of Colt, said:

We were optimistic by the success of the initial trial, but utilising live data was an important next step to prove the use case for blockchain technology in our industry.

The Future of Telecoms Is Optimistic

Grivner expressed optimism that the second iteration of PoC had accurately matched and settled wholesale traffic independently with live information. The CEO says that the success signals the future of telecoms, where the intensive manual practices can be securely automated to allow businesses such as Colt to invest resources into driving both their business and that of their customers forward.

Marc Halbfinger, Chief Executive Officer of PCCW Global and the Chairman of the GLF also expressed his gratitude that blockchain technology is finally being utilized to enhance the overall efficiency of the telecoms industry.

We are very pleased that this Proof of Concept is expanding to include more carriers and it is clear that the industry is seeing the benefit of becoming further aligned to blockchain,

– Explained Halbfinger.

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 business practice in the industry.

Juan Carlos Bernal, CEO of Telefónica’s International Wholesale Business said that he and others in the industry are convinced that blockchain is a relevant technology that will not only help the wholesale business to gain efficiency, but also significantly improve the efficiency of launching new services.

Colt aims at being a leader in enabling customers’ digital transformation through agile and on-demand, high bandwidth solutions. The company’s network is available in more than 800 data centers spread across Europe, Asia and North America with over 25,000 buildings.

Image Credit: Deposit Photos

Do you think the new members will help automate and cut costs the wholesale settlements? Share your thoughts with us in the comments section.   

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