Blockchain technology and its rapid spread throughout the world have been the rage of the financial ecosystem. When time passes, more and more companies have started to dive into emerging technology to make their operations more efficient.
New reports have stated that four telecoms: Deutsche Telekom, Telefonica, Orange, and T-Mobile US have started jointly testing a “production-ready” blockchain solution for determining network parameters.
Four telecommunications honchos have announced that the Global Mobile System [ GSMA ] will carry out a test for the blockchain solution. The approach will be used primarily in the area of automated management of inter-operator roaming discount agreements. The development of the latest entrant was first undertaken by Deutsche Telekom Laboratories and its international wholesale unit.
In an interview, Rolf Nafziger, the Senior Vice President of Deutsche Telekom Global Carrier stated:
“The inter-operator workflow in roaming has been basically unchanged for the last 20 years. In the near future however, new services like NB-IoT, LTE-M or VoLTE and other quality-based services will drastically increase the complexity of inter-operator discount agreements and respective settlements. This blockchain-based solution is the start of automating sections of our workflow.It will put us in a position to handle the additional complexity while increasing overall efficiency”
The carriers revealed that it was the immutable property of the blockchain that made it so appealing to use. Using blockchain, the companies can automate their workflow from start to finish. Blockchain is also designed to improve the complete wait time of processes within the company verticals. These include processes such as signing, drafting, and implementing inter operating roaming discount agreements.
All the companies involved in the partnership were of the opinion that the feature will be integral moving forward. February was also the month when Telefonica Innovation Ventures and Deutsche Telekom’s Telekom Innovation invested in another blockchain company called Clear.