The Australian telecommunications company, Telstra, has joined Colt and PCCW’s blockchain trial.
The project, which was announced in March, aims to lower costs within the telecom industry.
Clear, the blockchain startup, helped develop the proof-of-concept (PoC), allowing blockchain technology to automate the inter-carrier settlement of wholesale international services.
The time previously dedicated to the laborious act can now be reduce from hours to minutes.
Telstra is not the only major telco joining the project – the firm will be accommonied by BT, HGC Global Communications, and Telefonica.
“We were optimistic by the success of the initial trial, but utilising live data was an important next step to prove the use case for blockchain technology in our industry,” noted Garl Grivner, CEO of Colt.
“Not only did the second iteration of the PoC do what was intended – accurately match and settle wholesale traffic independently with live information – but it also signals the future of telecoms, whereby previously intensive manual practices can be securely automated to allow businesses such as Colt to invest resources into driving both our and our customer’s businesses forward.”