In a development related to the use of blockchain technology in the telecom industry, Syniverse and IBM have completed a pilot project for the two well-known global mobile operators. The project was related to providing new smart roaming solutions to companies for enhancing efficiencies, and pilot run used the blockchain network to complete the process. The open ledger technology demonstrated its benefit during the pilot run by providing instant settlement and clearing of various charging processes related to these mobile networks.
The pilot project undertaken by Syniverse and IBM makes use of “smart contracts” in order to efficiently execute various implementation and governance issues between different mobile operators. By using the blockchain, the rules and regulations can be instantly determined between different players that in turn help by providing faster customer service, enhancing efficiency, and reducing the overall time and cost associated with the process. This is particularly important in resolving the conflict situation between different parties and provides significant help in dispute management.
IBM has provided its blockchain platform support to Syniverse, and this association has recently completed trials of the project related to Mobile TeleSystems (MTS) and Orange Group. Both of these mobile companies are quite satisfied with the results of the pilot project and seem to be embracing for wider adoption of blockchain technology in terms of further developing credible solutions for their business problems. MTS has witnessed a significant increase in operational efficiency which has helped the company to quickly settle and clear various transactions associated with roaming operations. The company is also quite satisfied with the fact that the use of smart contracts has allowed it to have direct dealing with all associated partners; the step which is expected to enhance overall efficiency. Orange group, on the other hand, has derived benefits from this pilot run on data exchange and call revenues. It has registered a significant increase in operational efficiency which will help the company to open up new avenues of growth.
Even companies involved in providing a platform for this test run, i.e., Syniverse and IBM are upbeat about the prospects of smart contract and their potential implementation in the telecom industry. Syniverse identifies this particular opportunity to further connected technologies and IoT. The company believes that by providing a safe way of monetizing applications, it can leverage the use of open ledger while meeting its organizational goals. IBM, on the other hand, is now focusing its attention on the telecom industry as it has already provided its blockchain solutions to a number of other industry segments. The focus of IBM is to supply companies with technology that will help them to bring down the cost factor by providing an efficient operational capability, easy and fast processing of the payment system, real-time settlement of transactions, and more satisfying customer experience. After covering the financial technology, logistics and supply chain, and automobile industry, blockchain is catching up with telecom operators. Especially the feature of smart contracts is proving to be a panacea for many operational inefficiencies and unproductive work processes associated with the telecom industry.