KPMG is working with TOMIA, Microsoft and R3 to develop a Blockchain solution that will streamline the transactional process from a multi-week to a multi-day process by saving time on settlement and dispute management, increase transparency, and prevent hefty costs trickling down to consumers.
“Blockchain offers a central management system for critical business information like agreement details, supplier and customer information, and tariff and partner settlement information. It can enable telecom companies to more efficiently manage contracts and financial reconciliations. Instead of a monthly basis, blockchain can manage this daily – creating a near real-time payment system. The automation and efficiency characteristics of a blockchain will allow for reduced outsourcing, and in turn, reduced costs associated with the settlement process,” stated Arun Ghosh in a KPMG blog post.
“Developing smart contracts that include the right rates, destination and bilateral deal information will ensure a significant drop in disputes between carriers and mobile operators. The blockchain can also build in invoice reconciliation solutions that address rate and amount disputes,” he added.
The group believes that the utilisation of Blockchain will result in fewer settlement disputes, lower costs for carriers and more intuitive processes can be anticipated. And with the emergence of 5G, the system will be better prepared to support exponentially rising data usage along with the increase of distributed data across hotspots and networks. The automation and efficiency characteristics of Blockchain will reduce the need to outsource manual processes, and in turn, reduce costs associated with the settlement process. Blockchain, ultimately, can proactively combat the increased expenses that would otherwise fall on the consumer to cover.
In late June 2019, Tomia introduced their new blockchain settlement platform powered by Microsoft Azure.
“We are privileged to work with Microsoft, the leading enabler of digital transformation. This is a testament to the unmatched value of our technology innovation, as well as to our strong record of 25 years in delivering premier services, consistently meeting performance targets, and our market-leading expertise in roaming and interconnect.”
“Microsoft Azure and Azure Blockchain Service help TOMIA deliver solutions that allow communication service providers to focus more on their customers’ experience and less on managing servers and daily operations,” said Marc Mercuri, Principal Program Manager, Blockchain Engineering at Microsoft Corp. “The Blockchain Settlement solution addresses a variety of issues related to the telecommunication industry and allows CSPs to take advantage of the flexibility and enterprise-grade reliability that Azure provides.”
David E. Rutter, CEO of R3, said:
“As the telecoms market becomes increasingly digitized, there is a significant opportunity to improve the efficiency of settlement and dispute management processes, saving time and costs. We think the Corda blockchain, with its focus on security, scalability and performance for enterprise use, provides the ideal technology platform for developing new solutions. We’re excited to be engaging with some of the industry’s most experienced and accomplished names, TOMIA, KPMG and Microsoft, to work on this project.”
The future of connectivity is changing with growing individual data usage and the promise of 5G wireless networks and Blockchain will now underpin the new ecosystem.
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Also published on Medium.