Colt Technology Services, PCCW Global and Clear have initiated a trial to demonstrate how the inter-carrier settlement of wholesale international services can be automated through the use of blockchain technology. (Photo credit: iStock by Getty Images)
BT, HGC Global Communications, Telefonica and Telstra have added support to the bilateral testing of blockchain technology
Colt Technology Services and PCCW Global have further progressed their blockchain proof-of-concept (PoC), which is now supported by BT, HGC Global Communications, Telefonica and Telstra, all members of the ITW Global Leaders’ Forum (GLF), a network of leaders from the world’s largest wholesale telecommunications carriers.
Marc Halbfinger, CEO of PCCW Global and chairman of the GLF, explained: “A lot of the conversations at the GLF have been around how innovative technologies such as blockchain can be used to improve the overall efficiency of the industry, and with the PoC expanding to include more carriers, it is clear that the industry is seeing the benefit of becoming further aligned.”
Colt and PCCW Global, in conjunction with blockchain start-up Clear, revealed in March this year that they have undertaken a trial that demonstrated how the inter-carrier settlement of wholesale international services could be automated through the use of blockchain. By using blockchain technology, the PoC was able to reduce this labour-intensive process from hours to minutes, according to the companies.
And with the addition of other members of the GLF, the initiative will expand the bilateral testing between Colt and PCCW Global to encompass a multilateral series of relationships among the wholesale telecommunications industry as a whole.
Carl Grivner, CEO of Colt, explained: “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.
“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 us and our customer’s business forward.”