Spanish telecom giant Telefónica has teamed up with IBM to use their blockchain platform to streamline its core business and network processes. Telefónica will use blockchain to address complex challenges in services delivered by it that register data and information from different sources.
Telefónica will use the IBM Blockchain Platform powered by the IBM Cloud to track in real time the certainty and traceability of each international call and its origin, destination and duration in a decentralized platform to which all the operators in the chain have permissioned access.
The platform is expected to help achieve reduced risk, time saving and cost removal in business processes such as billing, accounting and reporting.
Blockchain technology helps in delivering enhanced privacy and confidentiality by allowing participating members secure and authorized access to necessary details. It will also help the telco networks to dramatically enhance the accuracy and immutability of the data generated while delivering different services.
The market size for blockchain telecommunications projects is expected to grow to $993.8 million by 2023 from $46.6 million in 2018, according to a report from Research and Markets.
Telefónica was among the major telecom companies which joined a Blockchain Settlement Trial in May that aimed to reduce costs in the telecoms industry. The trial is based on a Proof of Concept (PoC) developed by Colt Technology Services and PCCW Global in collaboration with blockchain start up Clear in March.
The aim of the PoC was to automate the inter-carrier settlement of wholesale international services through the use of blockchain technology. The PoC was able to reduce this labor intensive and costly process from hours to minutes. The PoC trial was successfully completed late last month.
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