Colt and PCCW Global have found significant new members who will conduct a blockchain experiment to reduce costs in the telecommunications industry.
First introduced in March 2018, the proof-of-concept (PoC) was developed with the help of Clear, a blockchain startup company, and provided the use of blockchain technology to make automate inter-carrier settlement of wholesale international services which are normally labor-intensive and costly.
Now, among those who want to participate in this experiment, ITW Global Leaders Forum has giant telecommunication companies like HGC, Telefonica, BT, Global Communications, and Telstra.
CEO of the new member HGC, Andrew Kwok, commented on the potential impact of the initiative by pointing out if the trials have become successful, the project will create “a new business relationship among global carriers and reshape our business practice in the industry.”
According to Colt CEO Carl Grivner, utilizing data was a crucial step to take advantage of the first test’s success, emphasizing that it is a way for the blockchain technology to prove its usefulness for the telecom industry.
The first effort was to purge the wholesales of voice minutes and historical data that are used in tests. According to a statement, the concept will bring a live stream of data to the blockchain system and ensure that the data traffic is automatically verified and positioned between the carriers.