Telecoms Giants BT, Telefonica and Telstra Join Blockchain Settlement Trial

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.

Grivner continued:

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

Mobile masts image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.