4 new giant telecom members will join a blockchain trial, which includes BT, HGC Global Communications, Telefonica, and Telstra, according to a Colt press release published on May 8.
This project came from Colt and PCCW Global when it announced in March that it had created a blockchain-based technology that increases the speed of payment settlement between telecom companies.
The goal of this initiative is to use the blockchain to reduce the cost and accelerate the speed of transactions.
The blockchain-based platform uses a Proof-of-Concept (PoC) protocol and the companies have actually insert real data in the blockchain, so the traffic can be verified and settled between carriers, the press release explains.
This next test phase was crucial says Chief Executive Officer of Colt, Carl Grivner,
“We 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 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 our and our customer’s businesses forward,” he added.
The CEO of HGC, Andrew Kwok is also positive towards the importance of the blockchain technology in the telecom industry.
“This initiative eventually if positive, would certainly demonstrate a new business relationship among global carriers and reshape our business practice in the industry,” he mentioned.