Telefónica, Deutsche Telekom, And Vodafone Finalizes Trial Blockchain Solution For The Settlement Of
It has been reported that the solution, developed by blockchain startup Clear, is expected to reduce capital costs for telcos, support faster revenue recognition, and provide a more efficient settlement for their inter-company deals and workflows.
However, both Telefónica Innovation Ventures and the Telekom Innovation Pool of Deutsche Telekom had participated in a $13 million Series A investment for Clear earlier this year to support the startup in developing its blockchain settlement system.
It has been analyzed that the finalized trial solution involved a system for automated settlement for roaming data from the three providers for 2019.
.@VodafoneUK, @Telefonica @deutschetelekom successfully trial @ClearBlockchain’s solution for automated financial settlement https://t.co/rVrjDjYXrz — Cointelegraph (@Cointelegraph) July 13, 2020
As per the report, Telefónica, Deutsche Telekom and Vodafone are ready to obtain yearly settlement results “within minutes” and to have real-time and multi-party insight into data discrepancies, as the providers were also able to update or amend data on the system instantly.
Johannes Opitz, the Vice President of Commercial Roaming Services at Deutsche Telekom Global Carrier, explained:
“Roaming discount agreement reconciliation is a complex, costly process prone to errors […] Using Clear’s solution, operators will now have the ability to transact seamlessly with an ecosystem of partners — a crucial ability in the 5G and Edge ecosystem, in which we foresee significant growth of operators’ business relationships and business models.”
Likewise, the three telecom giants are calling on other providers to join the network of users of Clear’s solution, with the hope that automated roaming settlement will provide a boost for new business partnerships to support the new services needed for technologies such as 5G, Edge computing, and Internet of Things (IoT) ecosystems.
Eran Haggiag, the Co-founder and Executive Chairman of Clear, said:
“Initiatives from leading industry bodies such as the GSMA [Global System for Mobile Communications] and the GLF [Global Leaders’ Forum] are now pushing for industry adoption across multiple use cases.”
He added that the solution can guarantee control, security, and privacy for contract settlement between firms.
Similarly, Sherif Bakir, the CEO of Vodafone Roaming Services, said:
“With new, more complex technologies like 5G and IoT being introduced, even more radical innovation in roaming will take digitalization to the next level. Vodafone believes blockchain is the solution, and its use will lay the foundation for further sustained innovation. Clear’s solution is a solid demonstration of blockchain’s benefits.”
Thus, all three telcos have made inroads into blockchain implementation prior to their turn to the technology for inter-operator roaming agreements.