Spain’s Telefónica, IBM To Use Blockchain For Handling International Calls
IBM and Telefónica, a top Spanish telecommunications enterprise, have collaborated in the application of blockchain innovation to oversee worldwide mobile phone calls. Telefónica is the seventh largest telecommunications company in the world, worth $51 billion according to Forbes. The company operates in 17 nations and has 343 million customers.
The objective of IBM’s collaboration is to simplify some of the business processes in Telefónica and solve different challenges within the sector, counting the unwavering quality and straightforwardness of data recorded from distinctive systems when international calls are channeled. Telefónica plans, in specific, to utilize the IBM Blockchain solution to track the security and traceability of each worldwide call and related information, such as its root, goal and term.
The solution is additionally utilized to construct a network of peers made up of operators, service facilitators, merchants and other parties. Access to the software solution is made available to all members within the chain. The venture is additionally assumed to assist Telefónica distinguish false exercises and address issues such as dispute solution, trade misfortunes coming about from uncollected incomes or data inconsistencies.
Gonzalo Martín-Villa, Chief Innovation Officer of Telefónica, said that “blockchain will allow operators to generate a new layer of confidence in the Internet based not on the players that generate the data and the transactions but on the data itself.”
IBM along these lines affirmed the partnership with Telefónica in a separate declaration, saying that “Telefónica and IBM are collaborating in the development of a Proof of Concept (PoC) based on IBM blockchain technology to help solve one of the major challenges of communications service providers, the management of international mobile phone call traffic.”
Last month, Vietnam’s largest telecommunications operator Viettel Group’s development wing set the objective of turning into Vietnam’s top blockchain innovation provider in five years. As of now, the company has created a blockchain platform to improve record administration in the healthcare division in order to keep pace with advancement trends.
In September, South Korea’s LG UPlus, a mobile carrier operated by LG Corp., the fourth biggest enterprise in the country, reported the establishment of a cross – border disbursement service based on blockchains. With the latest facility, clients of one telecom carrier can easily finish exchanges on another’s payment systems.