With telcos increasingly having to facilitate complex, multi-party financial transactions and settlements to provide roaming and IDD voice services, they are well-positioned to capitalise on some major value opportunities around 5G and IoT.
According to Singapore blockchain-based settlement and clearing network specialist Clear Blockchain Technologies, telcos will need to create a multi-party, multi-product programmable billing layer to capitalize on these new 5G-enabled business use cases and generate new revenue streams.
Launched in 2017, Clear provides networks, which – using blockchain technologies and programmable smart contracts – allow near-real-time settlement and automatic intelligent dispute resolution on a global scale.
“This reduces costs, inefficiencies, and fraud and maintains the confidentiality of sensitive operational and financial details without relying on a centralized authority,” the firm’s co-founder and executive Chairman Eran Haggiag told Telecom Times.
Clear, Haggiag said, had in particular focused on forging strong partnerships with primary players in the telco sector.
“We launched a GLF-led PoC on IDD Voice to cut costs and improve settlement processes with PCCW Global and Colt, which was expanded to include Telefonica, Telstra, and British Telecom,” he said.
“This PoC demonstrated how our blockchain-based solution makes inter-carrier settlements more efficient, reliable and scalable. “
“We’re launching another PoC on Bandwidth on Demand to generate new revenue streams for telcos at the Metro Ethernet Forum (MEF) in Los Angeles… 2018 with PCCW Global, Tata, CBCcom, Singtel, Liquid Telecom, and Sparkle,” said Haggiag.
‘This PoC will demonstrate how our solution helps telcos commercialize next-generation products and services (e.g. Bandwidth on Demand), and unlock new revenue streams,” he said.