Telefonica will start using IBM Blockchain

Spanish telecommunications company Telefónica has agreed to collaborate with IBM and will use its blockchain platform to optimize its core network and business processes. The company intends to thus optimize the processes of recording data and information received from various sources.

Telefónica will use IBM's blockchain platform through IBM Cloud to track in real time every international call, its country of origin, destination and duration on a decentralized platform that will be accessible by operators in the chain. The platform is expected to help reduce the risk of information loss, save time and save money in business processes such as billing, accounting and reporting.

The market size for telecommunications blockchain projects is expected to grow from $46.6 million in 2018 to $993.8 million by 2023.

Telefónica was one of the largest telecommunications companies that in May took part in testing mutual settlements on the blockchain, the goal of which was to reduce costs in the telecommunications industry. The testing is based on a Proof of Concept (PoC) developed by Colt Technology Services and PCCW Global in collaboration with blockchain startup Clear.

The goal was to automate settlements between wholesale international services using blockchain technology. With PoC, the company was able to reduce this time-consuming and costly process from hours to minutes. Testing was successfully completed at the end of last month.

According to rttnews.com