4 weeks ago- News -
Collaboration of Spanish Telecoms Operator and IBM In Order to Manage International Calls With the Help of Blockchain
As the press release, posted on November 14, states large Spanish company Telefónica and IBM teamed up in order to manage international calls using blockchain technology.
According to market capitalization, Telefónica is one of the largest telecom firms in the whole world. It was valued at $51 billion by Forbes. The company works in more than 17 countries, with 343 million users from all around the world.
In every industry, there is an issue regarding security and transparency. That is the main reason Telefónica decided to collaborate with IBM and integrate blockchain in this particular field.
The network that will be built as a result of collaboration, will include various parties in the industry including operators, service providers, vendors, and other parties. All the participants in the chain will be able to access the platform.
As well as the issues mentioned above, blockchain and this project particularly will help Telefónica to address the large issue like fraud and scam. They will be able to detect fraudulent activities like dispute resolution, commercial loss due to uncollected revenues, or discrepancies in information.
Gonzalo Martín-Villa, the CIO of the company commented: “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 also commented on this matter: “Telefónica and IBM are collaborating in the development of a Proof of Concept (PoC) based on IBM blockchain technology to help solve one of the major challenges of communications service providers, the management of international mobile phone call traffic.”
As we always mention, blockchain is gaining more and more popularity in every aspect of human life and of course, telecommunications are one of the main ones. Now with this event, blockchain entered the industry as well as it joined others in the past.