Companies continue to modernize their operations. It is important to introduce new technologies, otherwise, it will be hard to adapt to the ever-changing environment. Hopefully, telecom giants such as Spain’s Telefonica, British provider Vodafone and Deutsche Telekom understand the importance of such new technologies. These three world-famous companies finalized a trial blockchain solution regarding the settlement of roaming discount agreements.
A blockchain startup, Clear, developed this blockchain solution. Thanks to it, it is possible to reduce capital costs for the companies and support faster revenue recognition.
Moreover, it will be easier to provide a more efficient settlement when it comes to inter-company deals and workflows.
Telefonica Innovation Ventures as well as Innovation Pool of Deutsche Telekom took part in a $13 million Series A investment for Clear earlier this year.
As a reminder, the finalized trial solution involved a system for automated settlement for
roaming data from the three providers in 2019. This system enabled Telefonica and two other providers to obtain yearly settlement results within minutes and to have real-time and multi-party insight into data discrepancies. Moreover, the providers were able to update or amend data on the system instantly.
Blockchain and new opportunities
Interestingly, the providers mentioned above are calling on other providers to join the network of users of Clear’s solution.
It is worth mentioning that the automated roaming settlement will provide a boost for new
business partnerships to support new services. Furthermore, these new services are essential when it comes to various technologies such as 5G, Edge computing, and Internet of Things ecosystems.
In January, Telefonica announced a partnership with the Association of Science and Technology Parks, to grant around 8,000 firms access to its blockchain.
Vodafone also decided to explore a blockchain-based identity platform to help verify its
suppliers across its value chain.
Last but not least, a subsidiary of the Deutsche Telekom launched a German Blockchain
Ecosystem for enterprise clients in 2019. The company also partnered with South Korea’s
largest wireless carrier SK Telecom to develop a blockchain-based mobile identification system.