14 Jul 2020 Arjun Agarwal
Deutsche Telekom, Telefónica And Vodafone Urge Telecoms For Blockchain Settlements
The telecom industry is exploring the realm of blockchain technology, as telecommunications giants like Vodafone and Deutsche Telecom partnered with blockchain-based settlement company Clear for an automated roaming data settlement solutions. The trials, which started in 2019, included roaming data provided by the telecoms.
One of the main benefits in such a system is almost instant yearly roaming settlement results, now taking minutes instead of hours prior automatization. Also, an automated data settlement service allows parties to disclose certain data discrepancies, as well as a transparent way to update or edit data in real-time.
Another key benefit is the ability for companies to automate inter-company data settlements, as well as build deals and workflows between parties.
If other telecoms decide to join Deutsche Telekom, Telefónica, and Vodafone in the new settlement program, Clear will grant the companies free installation and trial until the end of 2020.
The joint program could largely benefit companies, which aim to strike partnerships in building 5G networks, IoT, as well as edge computing.
Clear’s co-founder and Executive Chairman, Eran Haggiag, stated that strives to mitigate the complexity and boost the process of business-to-business settlements by “developing and creating a blockchain-based service, which aims to safely and securely automate enterprise settlements.”
„We made an enormous step for innovation acceleration and improved partnerships. Also, leading industry associations like GSMA and GLF are promoting mass adoption of blockchain through various use cases.” Haggiag added.
Johannes Optiz, vice-president at Deutsche Telecom noted that telecoms are dealing with complex and costly process of roaming discount agreements, which “is prone to errors”.
“By building an automated system that can eliminate the problems with agreement reconciliation, we will open a whole new world for telecoms for international collaborations. Clear’s blockchain-based service enables telecoms to seamlessly interact with other operators, which is the backbone of the 5G and Edge ecosystems. ” Optiz added.
Vodafone’s Roaming Services CEO, Sherif Bakir also commented on the partnership, stating that innovations like IoT and 5G “would boost digitalization to a whole new level.”
“We believe blockchain is the answer to strengthen the foundations of possible sustained innovation. Clear made a wonderful use case, showcasing blockchain’s core strengths and benefits. It’s a delight to work with our international partners for providing the world of telecommunications with a sustainable ecosystem and a scalable network”, Bakir added.Blockchain Blockchain Development Blockchain Development Company Blockchain Application Internet of things internet market mobile digital Markets Blockchain News Blockchain technology