Telefónica and IBM are working together to implement blockchain technology to streamline core business processes. The plan will focus on the key attributes of this technology to address complex challenges in the services provided by Telefónica. The company hopes to also address the recording of data and information from different sources regarding business and network processes.
What does blockchain technology do? The power of the blockchain is applicable to the telecommunications sector. Blockchain can participate in an ecosystem with a vast network of disparate organizations. The technology establishes a shared and unchanging record of all the transactions that take place within a network. So technology allows authorized parties to access trusted data in real time.
By applying technology to end-to-end telecommunications processes, a new form of command and consent can be introduced into the flow of information that enables significant gains in terms of efficiency and trust. By allowing participating members secure and authorized access to the necessary details, blockchain also offers more privacy and privacy.
This project between Telefónica and IBM aims to improve the reliability and transparency of information collected by different networks during international call routing.
Using the IBM Blockchain platform supported by IBM Cloud, Telefónica will work to track in real time the certainty and traceability of each international call and its attributes, which are mainly origin, destination and duration. This will take place in a decentralized platform to which all operators in the chain have authorized access. This solution is a clear example of how the application of blockchain technology within the telco networks, drastically increases the accuracy and the immutability of the generated data while providing different services.
"This project is one of our first initiatives to ensure real benefits from blockchain adoption in our core business.We believe that the new paradigm of decentralization of processes that blockchain facilitates perfectly fits the telecommunications industry and can help us to significantly improve the way we are traditionally solving integrations between partners, "said Gonzalo Martín-Villa, Chief Innovation Officer, Telefónica. "Blockchain will allow operators to generate a new level of Internet trust based not on the players who generate data and transactions but on the data themselves."
The solution can be applied to many other services. This allows the creation of a reliable network of colleagues or other employees involved in providing a digital service such as data consumption, authentication processes, cloud computing or data storage.
The network can then reach a consensus in real time on the truthfulness and traceability of information and data on the use of services. This information is generated and collected from multiple sources and systems. The process occurs regardless of the owner or entity that hosts or manages such systems. The approach greatly improves the efficiency of business processes that consume these data, such as billing, accounting and reporting.
It can help detect fraudulent behavior within end-to-end processes and solve recurring problems among suppliers. It can assist suppliers and operators such as dispute resolution, trade losses due to uncollected revenues or discrepancies between the information recorded by each peer.
"In a world increasingly focused on data, customer experience, trust and digital ecosystems, blockchain can help communication service providers to streamline internal processes or, as in the project we are working with Telefónica, to increase trust among several partners in the communication ecosystem, avoiding the need for reconciliation of call data and thus obtaining high potential benefits such as risk reduction, time savings and cost removal, "said Ignacio Martín Santos, CEO of Telefónica Integrated Account, IBM .
Telefónica and IBM are achieving great results so your company or your business can accomplish great things.
Chrissie Cluney has been a correspondent for IoT Evolution World since 2015. She has a degree in English with a concentration written by the College of Saint Elizabeth.
Curated by Ken Briodagh
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