In March of this year the blockchain startup company Clear Blockchain Technologies, conducted a proof-of-concept (PoC) with PCCW Global, an international operating division of Hong Kong-based telecom HKT, and Colt Technology Services, a UK-based multinational telecommunications and data center services operation headquartered in London. Now more members of the ITW Global Leaders’ Forum (GLF) will be taking part in the blockchain project.
Colt and PCCW Global are members of the ITW Global Leaders’ Forum (GLF), and it was in this forum that the blockchain collaboration was made.
The first PoC borrowed historical data to test the blockchain tech. Now the testing is using live data, which enables traffic to be automatically settled and verified between carriers.
Soon after the PoC, new members of the ITW Global Leaders’ Forum (GLF) announced that they’d be taking part in the project as well..
March trials proved how the inter-carrier settlement of wholesale international services could be automated through the use of blockchain. The PoC was highly successful and able to reduce the work time from hours to minutes.
The basic purpose of the PoC was to look at whether blockchain technology could be used to make inter-carrier settlements more efficient, reliable, and scalable, with the project specifically focused on the settlement area of wholesale voice minutes.
Other members of the GLF have gotten involved in the testing, including BT, HGC Global Communications, Telefonica and Telstra.
Marc Halbfinger, who serves as CEO of PCCW Global and the Chairman of the GLF, said,
“We are very pleased that this Proof of Concept is expanding to include more carriers. 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. Industry cooperation in this area will be incredibly powerful for the whole sector.”
Colt Technology Services is multinational telecommunications and data center that is headquartered in London, England along with its registered office in Luxembourg. It provides services city-based operations, businesses and wholesale telecommunications carriers in 28 European countries.
PCCW Global is an international operating division of HKT, Hong Kong's premier telecommunications service provider, which is majority-owned by PCCW. It holds regional centers in Hong Kong, as well as 150 other countries where it covers more than 3000 cities.
Clear was founded 2017 by a team of tech experts and serial entrepreneurs whose goal is to transform global enterprise payments across industries.