Tuesday, 26 May 2020

Colt and Global Leaders Forum team up on blockchain settlement platform

Over the coming months, Colt Technology Services and The Global Leaders Forum will launch a blockchain-enabled settlement platform. 

Colt Technology Services and the ITW Global Leaders Forum announced Monday that they are preparing to launch a blockchain-enabled settlement platform.

Other carriers that are pitching in financially to support the platform include Telefónica, Deutsche Telekom, Orange, Vodafone, TNZI, Telstra and PCCW Global.

Today's news is further confirmation that the telecommunications industry is intent on leveraging blockchain use cases across its supply chains and networks. GLF previously conducted proof of concept (POC) trials across the telecommunications industry in order to figure out how carriers could settle wholesale voice minutes by using blockchain technologies.

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Over the past year, the POCs progressed from using test data to using live data, to then incorporating several carriers across a multi-lateral trial. In October, the multi-lateral trial was the first step toward creating a "frictionless" settlement process across the telecommunications sector. In that trial, Colt, PCCW Global, BT, Orange, Telefónica and Telstra demonstrated the viability of a platform that could settle voice transactions between multiple carriers in minutes rather than hours.

While GLF finalizes a legal framework for the blockchain entity, the trial is set to evolve to a fully functional platform in the coming months. GLF is also calling on technology vendors to participate and support the project to ensure this platform to ensure that it has a broader potential for a wider technological ecosystem

Blockchain, which was developed for bitcoin, is a digitized, distributed ledger that tracks transactions as statements of facts that can be used in a digital economy by businesses, regulators, operators and consumers.

“When we set out along this POC journey, it was always our end goal to launch an offering that would harness the innovative power of blockchain for the betterment of the industry," said PCCW CEO and GLF Chairman Marc Halbfinger, in a prepared statement. "Now we are embarking on the next stage of this process; it’s exciting to know that we’re not that far away from turning this initial goal into a reality.”

Blockchain creates a growing list of records, called blocks, that are linked together with cryptography. By design, the data from a blockchain cannot be modified. It is an open, distributed ledger that can record transactions between two parties in an efficient and secure manner.

By creating virtual ledgers, enterprises and service providers are able to track and manage information across various parties in a value chain.

There were several blockchain proof-of-concept demonstrations at last year's MEF18 conference in Los Angeles. During his keynote address at MEF18, MEF CTO Pascal Menezes said blockchain was on MEF's road map.

In 2015, the Linux Foundation announced the formation of its Hyperledger open-source blockchain umbrella organization, which included support from IBM, Intel and SAP.

In September, AT&T announced it was working with Microsoft and IBM on a suite of blockchain-based services that are designed to help its enterprise customers cut costs and speed automation processes.

BT, Colt, HGC Global, Telefónica and Telstra have been involved in a trial that uses blockchain for wholesale settlement, while Verizon is an investor in Filament, a blockchain company that could eventually help the carrier handle payments for drone delivery and monitoring services.

In August, CBCcom, PCCW Global, Sparkle, Tata Communications, Clear Blockchain Technologies and Cataworx announced a blockchain proof-of-concept trial.

source: fiercetelecom.com
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