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.”