CSG and ITW Global Leaders Forum team up for new Communications Blockchain Network. The network will enable rapid and cost-efficient wholesale settlement between carriers and their partners.
Some of the world’s top communications carriers have committed to supporting a new blockchain ecosystem designed to improve inter-service settlement processes with automation and improved security. A1 Telekom Austria, China Telecom Global, Deutsche Telekom, IDT, PCCW Global, Orange, Telstraveral, and other carriers have already committed to supporting the new blockchain network.
CSG announced it has been chosen by the ITW Global Leaders Forum (GLF) to collaborate on the creation of the Communications Blockchain Network (CBN), a unified blockchain ecosystem that will facilitate rapid and cost-efficient wholesale settlement between carriers and their partners as they deliver all types of services to their customers.
CSG will bring its interconnect and wholesale experience to the table to help the GLF pinpoint ways the technology can create rapid and cost-saving wholesale settlement between carriers and their partners delivering a wide variety of services.
“CSG is excited to partner with the ITW GLF to create a unified blockchain ecosystem,” said Finn Kornbo, director of product management, CSG. “The adoption of blockchain technology helps carriers reduce costs, while enhancing revenue growth by supporting the launch of new and innovated services brought about by 5G, IoT and other industry advancements.”
The company says blockchain can be used to streamline a variety of processes including carrier agreement and settlement processes. Improving the speed and ease of these processes can reduce how long it takes to put contracts in place and speed up payment, eliminating the need for collections.
The CBN platform will launch later this year and be governed by a group of carriers and technology providers.
So far, over 10 technology providers have already confirmed their support for the platform and their intention to participate in its development, including Amartus, Clear Blockchain Technologies, ConsenSys, CSG, Difitek, IBM, Internet Mobile Communications, Orbs, R3, Subex, Syniverse, and TOMIA.
The CBN, and the collaborative industry-wide governance framework, will serve the wider information and technology service provider community by avoiding fragmentation and helping accelerate adoption of automated settlement applications. It will also help facilitate the development of open-source standards and APIs that enable service-provider interoperability of blockchain-enabled services, CSG said in their press release.
“When we set out along this journey, it was our goal to launch a platform that would enable multi-dimensional automation for the betterment of the industry,” said PCCW CEO and GLF Chairman Marc Halbfinger, in a prepared statement. “Now we are embarking on the next stage of this process by creating a truly open platform that will facilitate settlement among every ICT service provider, including carriers and cloud providers for all forms of ICT traffic.”