Blockchain used for inter-carrier settlements in PoC trial
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Members of the International Telecoms Week (ITW) Global Leaders’ Forum (GLF), including PCCW Global and Telstra, have completed a proof of concept trial demonstrating how blockchain technology can transform inter-carrier settlement by streamlining complex transactions.
The two operators as well as Colt Technology Services, BT, Orange and Telefonica, demonstrated the viability of a platform capable of settling voice transactions between operators within minutes rather than hours.
The demonstration represents the first proof of concept blockchain trial to involve a multi-lateral series of relationships within the wholesale telecoms sector. It was the latest in a series of trials carried out by CLF members in collaboration with technology partner Clear, a blockchain specialist.
The proof of concept was able to demonstrate that live data feeds could be successfully input into a distributed ledger, enabling traffic to be automatically verified and settled between two carriers.
In a statement, the GLF said it is now reviewing its options over a potential governance structure to further develop the technology and implement a solution for the entire industry.
“This latest PoC signals nothing less than the future of telecoms, whereby intensive manual practices can be securely automated across the wholesale ecosystem,” Colt Technology Services CEO Carl Grivner said.
“This is a major step forward by Colt and its partners, meaning we can now invest further resources into driving both our and our customers’ businesses forward using the power of blockchain.”
Questions & Answers
Q.Which companies participated in the blockchain proof of concept trial for inter-carrier settlement?
Which companies participated in the blockchain proof of concept trial for inter-carrier settlement?
PCCW Global and Telstra were named as participants, alongside Colt Technology Services, BT, Orange, and Telefonica. These companies are members of the International Telecoms Week Global Leaders’ Forum.
Q.What was the primary achievement of this blockchain proof of concept trial?
What was the primary achievement of this blockchain proof of concept trial?
The trial demonstrated that voice transactions between operators could be settled within minutes, a significant improvement over the previous hours-long process. It confirmed the viability of using a distributed ledger for automatic verification and settlement with live data.
Q.What are the next steps for the Global Leaders’ Forum following the successful trial?
What are the next steps for the Global Leaders’ Forum following the successful trial?
The GLF is currently reviewing its options to establish a potential governance structure. This structure would facilitate further development of the technology and its implementation as an industry-wide solution for inter-carrier settlements.