Three world-famous companies Deutsche Telekom, Telefonica as well as Vodafone finalized a trial blockchain solution regarding the settlement of roaming discount agreements.
Interestingly, a blockchain startup Clear developed this blockchain solution. Importantly, the solution is expected to reduce capital costs for the companies, as well as support faster revenue recognition. It will be easier to provide a more efficient settlement when it comes to their inter-company deals and workflows.
Innovation Pool of Deutsche Telekom and Telefonica Innovation Ventures participated in a $13 million Series A investment for Clear in 2020.
Moreover, the finalized trial solution involved a system for automated settlement for roaming data from three providers in 2019. This system enabled Telefonica, Vodafone, and Deutsche Telekom to obtain yearly settlement results in a couple of minutes as well as to have real-time and multi-party insight into data discrepancies. Furthermore, the providers mentioned above were able to update or amend data on the system instantly.
Telecommunications and blockchain startup
Vodafone, Telefonica, Deutsche Telekom are calling on other providers to join the network of users of Clear’s solution. The automated roaming settlement will provide a boost for new business partnerships to support new services. New services are important for technologies such as 5G, Edge computing, and Internet of Things ecosystems.
All of the providers stated above, understand the importance of blockchain. For example, Telefonica announced a partnership with the Association of Science and Technology Parks in January to grant around 8,000 firms access to its blockchain.
In 2019, a subsidiary of the Deutsche Telekom launched a German Blockchain Ecosystem for enterprise clients. Moreover, the giant company partnered with South Korea’s largest wireless carrier SK Telecom. The purpose of this partnership is to develop a blockchain-based mobile identification system.
Vodafone also made the decision to explore a blockchain-based identity platform to help verify its suppliers across its value chain.