Colt, PCCW Global speed up payment settlements using Clear's blockchain technology

Tuesday 13 March 2018 | 12:40 CET | News

Colt Technology Services and PCCW Global, the international operating division of HKT, collaborated with Clear, a blockchain start-up company, to demonstrate that inter-carrier settlement times can be reduced from hours to minutes by blockchain technology. The scope of this Proof of Concept (PoC) was to discover if the advantages offered by blockchain technology could be applied to make inter-carrier settlements more efficient, reliable, and scalable. 

During two separate demonstrations, one of which took place at the Pacific Telecommunications Council annual conference in January, the PoC showcased the use of blockchain to positively settle payments for inter-carrier voice traffic. It reduced what can take several weeks, and sometimes months, of intense manual labour down to less than a minute.

This PoC was specifically focused on the settlement area of wholesale voice minutes, as the majority of telecom operators have similar processes for these transactions. As part of the trial, all parties involved implemented a bilateral private blockchain to record transactions, which were then reported to a public blockchain. Smart contracts were then used to rate call detail records, resolve disputes and record the settlement transactions.

Furthermore, blockchain technology adds an extra layer of security and trust to transactions.

Both Colt and PCCW Global are members of the ITW Global Leaders’ Forum (GLF), where discussions on blockchain have featured heavily, and it was in this forum that the collaboration was cemented. GLF aims to foster an environment within the telecom industry that focuses on ubiquity, collaboration and interoperability between providers. This PoC was centred around these themes by attempting to understand how a technology such as blockchain can benefit the sector as a whole.

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