Roaming Settlement Thanks to Blockchain

Colin Baseman

Telecommunication companies keep developing at a tremendous speed. Nowadays they provide high-quality services and their variety is stunning. We can perform a whole spectrum of different operations via our mobile devices and all this makes our lives more convenient and easier.

Talking to our family and business partners, exchanging files, and browsing the Internet via your smartphone are just some of the daily tasks you do without even realizing that just a few years ago all these innovations were something we couldn’t even imagine in our wildest dreams.

Mass media outlets report that Telefónica (Spain) along with Telekom (Germany) and Vodafone (UK) have finally accomplished a trial blockchain version created for the discount agreements related to the settlement of roaming.

Three worldwide known brands have jointly finalized a project. In fact, it is a solution developed by Clear, another successful blockchain startup. According to the developers, the newly offered scheme is likely to decrease capital costs for telecommunication giants. It will also allow the owners to enjoy faster and more efficient revenue recognition.

Additionally, it will guarantee a more effective and productive settlement for the workflows and deals occurring in-between the companies. The Spanish and German companies had taken part in a thirteen-million-USD investment for the startup a few months ago – their mission was to provide support and help to Clear and motivate the team to develop its blockchain settlement system.

Now news sources say that the trial solution included a special system for automated settlement that is mainly aimed at roaming data from the mentioned three service providers for the previous year. As experts announce, the system permits the companies to obtain results of the settlement and the process takes mere minutes.

Also, they can have an insight involving numerous parties and do it in the real-time mode while resolving data discrepancies. Another great feature is that the providers can easily update or simply amend data on the system much faster than ever before.

Improvements in the Global Telecoms Sphere

The official executives of the three major telecom companies explain the advantages and see that using the innovative solution is an essential part of the entire project if they wish to keep on developing and improving the global infrastructure.

Many processes related to roaming discount agreement sound and feel costly and sometimes complex, more than that, they are prone to errors. However, Clear offers a solution that allows operators to perform seamless transactions with a solid ecosystem of several partners.

All this will lead to the visible growth of relationships between operators and various business models. The newly formed network is looking forward to seeing new members and is ready to accept other providers who would be interested in the solution from Clear. Many believe that automated roaming settlement will speed up effective business partnerships that will soon support the advanced services that technologies need. This includes Edge computing, 5G as well as Internet of Things ecosystems.

At the same time, the developers of the system guarantee total security and tight control between companies. Experts admit that the recent technologies are quite complex, hence this sphere will definitely need to bring digitalization to the next stage.

Right now, the best solution is found in blockchain and this is what will provide the right ground for further sustained innovation. What blockchain offers is full of benefits and features that the entire telecommunication industry cannot grow without.