Colt Technology Services and PCCW Global have announced that they are advancing with their Proof of Concept (PoC) initiative which is based on blockchain technology. PCCW Global is the global operating section of HKT, the leading telecommunication service provider in Hong Kong.
The initiative is a build up from the initial PoC
The very first PoC applied past data as the main technology and it is being used as a case study in the sector. In the new plan, the parties are moving a step further by incorporating live data feeds into the system. This allows automatic verification and settlement of traffic between carriers.
The group is now bringing on board additional members. The new members in the ITW Global Leaders’ Forum (GLF) are actively getting involved in the programs. The new members to the initiative include Telstra, Telefonica, HGC Global Communications and BT.
Colt CEO, Carl Grivner, said that the success they had from the first trial has been a motivating factor. He added that using live feeds was a very important step in proving the use of blockchain technology in the industry. Grivner said that in addition to correctly matching and settling wholesale traffic independently with live information, the second iteration of the PoC also pointed to the future of telecommunication. He added that the system can help securely automate previously intensive manual practices. This way he says, businesses are able to wisely invest resources and drive value to both customers and the business.
Colt and PCCW Global initially tried the technology with Clear
Colt and PCCW Global in partnership with Clear, a blockchain startup, recently announced that their businesses had done trials which demonstrated how to automate the inter-carrier settlement of wholesale international services using blockchain technology. The PoC announced that after the trial, it managed to reduce the labour intensive process from hours to just minutes through use of blockchain technology.
Chairman of the GLF and Chief Executive Officer of PCCW Global, Marc Halbfinger, said that they are very happy to see the Proof of Concept expanding to include more members. He added that much of the conversations at GLF have revolved around the use of innovative and disruptive technologies like blockchain to increase efficiency in the industry.
