Colt Technology Services and PCCW Global, the international operating division of Hong Kong’s premier telecommunications service provider (HKT) has added new members to their blockchain Proof of Concept (PoC) trial. Reports indicate that the initiative will now have additional members from the ITW Global Leaders’ Forum (GLF) including HGC Global Communications, BT, Telefonica, and Telstra.
The PoC was first revealed in March 2018 and developed with technical support from Clear – a blockchain startup. It uses blockchain-based features for automating the wholesale international services thereby saving a lot of time and money lost in traditional modes of operations such as inter-carrier settlement and intensive labor.
PoC To Introduce Live Data Feeds
The initial effort of the PoC was focused on using historical data for testing the technology and its utility in the sector. However, now the group wants to go a bit further and incorporate live data into the ledger. This will automate the traffic verification and settlement between the carriers. Currently, the original two carriers are using live data for settling and verifying traffic. But now other members of GLF have shown their interest in this blockchain-based trial platform.
These new members have an expansive aim for entering this initiative. According to reports, the GLF members want to take the bilateral testing between PCCW Global and Colt further so that it can benefit a multilateral series of relationship including the entire wholesale telecommunications industry.
Project To Reshape Business Practices In Telecommunication Field
The Chief Executive Officer of Colt, Carl Grivner said, “ We were optimistic by the success of the initial trial, but utilizing live data was an important next step to prove the use case for blockchain technology in our industry.” Grivner further stated that the success of Poc accurately matching and settling the wholesale traffic independently with live feeds signals the future of telecoms in which the intensive manual practices can be automated securely.
CEO of HGC Global Communications, Andrew Kwok said that if this project becomes successful it will demonstrate the start of a new relationship between all the global carriers and possibly will also reshape the business practices in the telecommunication industry.
