- Three major telecoms recently concluded their testing of a new blockchain solution.
- The firms' goal was to see if blockchain can be used for inter-operator roaming agreements.
- All three firms had previous experience with blockchain tech, and now they invited others to join.
According to recent information, three major firms — leaders in the global telecommunications industry — completed their joint trial of a new blockchain solution. The companies — Deutsche Telekom, Spain’s Telefonica, and British Vodafone — attempted to see if blockchian can be used for roaming discount agreement settlements.
Telecoms and the blockchain
The blockchain solution used in the trials was created by Clear, which is a blockchain startup. With the new project, all three firms would be able to reduce capital costs. At the same time, they would support faster revenue recognition, as well as offer more efficient settlements.
Another thing worth noting is that Telefonica and Deutsche Telekom participated in Clear’s Series A funding round. The startup managed to raise as much as $13 million in total.
Once the companies started testing the new solution, they reported that they were able to obtain yearly settlement results ‘within minutes.’ Meanwhile, they also had multi-party insight into data discrepancies, and in real-time, at that.
Now, it seems that the firms are ready to welcome others into their network of users of Clear solution. The firms believe that the new solution would be able to inspire new partnerships, support new services needed for advanced technologies, and more.
All three firms encountered blockchain before the team-up
Another interesting detail is that all three firms seem to have made moves to implement blockchain before attempting to use it for inter-operator roaming agreements.
Deutsche Telecom’s subsidiary partnered with South Korean telecom to create a blockchain-based mobile identification solution last year. In January of this year, Telefonica teamed up with the Association of Science and Technology Parks. Around 8000 firms got access to blockchain thanks to this move. Lastly, in March 2020, Vodafone revealed that it is exploring digital identity platform based on the blockchain. According to the announcement, this tech could verify its suppliers over value chains.