The international division of Hong Kong Telecom (HKT), Colt and PCCW Global claims it has created a Blockchain-based technology that increases the speed of payment settlement between telecom companies.
Blockchain is the underlying technology of cryptocurrencies such as Bitcoin, which is a decentralized and distributed ledger where all the information is recorded, secure and trustworthy. It has many applications in different industries such as supply chain, banking system, and Internet of Things.
PCCW Global’s CEO, Mark Halbfinger mentioned,
“Everyone is talking about blockchain but the use cases in the telecom industry have been fairly limited until now. We are eager to demonstrate how the many potential uses of blockchain across our industry can deliver exponential value by improving the ways in which we interoperate.”
Colt and PCCW Global worked with the startup “Clear” to find out how the blockchain technology could be applied to the current telecom industry.
The transactions include large sums of money and the operator’s job still consist of manual working that has high costs and that is not productive.
To record transactions, using a bilateral private Blockchain has reduced the process time from hundreds of hours to a few minutes. Further more, all transactions are verified by the ledger that runs autonomously.
Another interesting feature of the blockchain that can be apply to the telecom industry is its Proof-of-Concept (PoC). This characteristic increases the scalability, which would make the blockchain technology more secure.
Colt CEO, Carl Grivner said,
“It is our goal to create a more agile, customer oriented organisation, and one way in which we are doing this is by exploring the benefits of disruptive technologies, such as blockchain. Collaborating with PCCW Global and Clear is ground breaking, as we have demonstrated how blockchain can transform the way we conduct business in the telecom industry.”