IBM and the major spanish telecommunications company Telefonica has signed a partnership to manage traffic international mobile calls through the blockchain technology.
According to the Forbes, Telefonica with a market capitalization of $ 51 billion is ranked seventh among all Telecom operators in the world. The company provides services in 17 countries and serves 343 million customers.
The collaboration with IBM will allow Telefonica to increase the efficiency of business processes and deal with some problems such as security and transparency of information coming from different networks in the process of routing international calls.
Telefonica is going to use blockchain from IBM to monitor the reliability of each international call and related data (origin, destination, duration, etc.). In addition, the platform will be applied in building a network of peers consisting of operators, service providers, vendors and other representatives of the telecommunications sector. This project will help Telefonica in identifying fraudulent activity, the resolution of various disputes, the elimination of losses due to lost profits or incorrect information, etc.
Gonzalo Martin-Villa, chief innovation officer of Telefonica, said:
"blockchain will allow operators to generate a new layer of confidence in the Internet based not on the players that generate the data and the transactions but on the data itself".
IBM subsequently confirmed the conclusion of the partnership with Telefonica, adding that the companies will work together to develop an algorithm called Proof of Concept (PoC), based on which blockchain technology from IBM.
In October of this year, the innovation division of the largest vietnamese Telecom company Viettel Group has announced its intention to become the leading provider of services based on the blockchain technology, in the country. To date, the company has developed a blockchain-based solution for more efficient management of data in healthcare.
In September, South Korean mobile operator LG UPlus, owned by LG Corp., announced the launch of a system of redirection of payments created using the blockchain technology. Through the new service, users of one telecoms carrier will be able to frictionlessly complete transactions on the payment networks of another.