Telecoms Firms Colt And PCCW Global Expand Blockchain Settlement Trial

Announcements, Blockchain | May 9, 2018 By:

International telecommunications companies Colt Technology Services and PCCW Global have further progressed their blockchain proof of concept (PoC) and signed up major telcos to the initiative.

The blockchain PoC was first revealed in March and was developed with assistance from blockchain startup Clear. The PoC aims to automate inter-carrier settlement of services across the telecommunications industry. Other members of the ITW Global Leaders’ Forum (GLF), a network of the leaders from the world’s largest wholesale carrier, are now joining the trial. These include BT, HGC Global Communications, Telefonica and Telstra.

The initial PoC used historical data as a test of the technology and its use case for the sector. Now, the parties have taken the trial a step further by ingesting actual live data feeds into the ledger, enabling traffic to be automatically verified and settled between carriers. While the original two carriers are now using live data to verify and settle traffic, it will now be extended to new PoC participants.

Carl Grivner, CEO of Colt, said that they were optimistic by the success of the initial trial, but utilizing live data was an important next step to prove the use case for blockchain technology in the telecommunications 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 our and our customer’s businesses forward,” said Grivner.

Marc Halbfinger, CEO of PCCW Global and the Chairman of the GLF, said that 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.

“We are very pleased that this proof of concept is expanding to include more carriers,” said Halbfinger. “Industry cooperation in this area will be incredibly powerful for the whole sector.”