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.
- Polkadot Cuts Deal with Blockchain – 41M Wallets to get Polkadot.Network DOTS - August 20, 2019
- David Chaum’s New Quantum-Resistant Digital Currency, Praxxis, Has Arrived - August 20, 2019
- New Satoshi on the Block Plans a ‘Reveal’ – Bitcoin Community Responds - August 19, 2019
- Binance Announces Open Blockchain Project ‘Venus’ – Calls on Governments, Companies and Organizations to Develop Localized Stablecoins - August 19, 2019
- Blockchain-Fueled VeganNation raises $10 million for Vegan Global Marketplace - August 19, 2019
- Fight to Flame – Mike Tyson Denies Issuing Token and Working With Fight2Fame - August 17, 2019
- Bitcoin Wealth is Almost 50 Times More Concentrated than Global Wealth According to PARSIQ Research - August 16, 2019
- Graph Blockchain Signs LOI to Acquire Cyberanking Ltd. an Esports Company - August 16, 2019
- Blockchain Moves Into The US’s Largest Oil Fields With Data Gumbo - August 16, 2019
- BlockStar Teams Up With Cycling Apparel Brand De Marchi to Auction Fausto Coppi’s Cycling Jersey - August 16, 2019
- Zcoin Available to Five Million Merchants in Thailand - August 16, 2019
- Republic Partners with Althea to Launch First-Ever Compliant Security Airdrop for Retail Investors in the U.S. and Abroad - August 14, 2019
- Mark Cuban’s Dallas Mavericks Basketball Team Join Up With Bitpay To Accept Bitcoin For Tickets And Gear - August 14, 2019
- Mike Tyson Launches Fight to Fame – Crypto-Driven, Blockchain-Fueled Fighter Booster - August 14, 2019
- Blox Survey: Ninety-Five Percent of US CPAs Believe Clients are Not Disclosing All their Digital Assets and Transactions - August 13, 2019
- New Zealand Allows for Employee Payments to be Made in Cryptocurrency - August 13, 2019
- USA SEC Postpones Decision on Three Bitcoin ETFs - August 13, 2019
- Cryptocurrency Thefts, Scams and Fraud May Exceed $4.3 Billion For 2019 - August 12, 2019
- China’s Central Bank Gears Up to Launch it’s Own Cryptocurrency - August 12, 2019
- Overstock: Retail Traders Can Now Invest in STOs at tZERO - August 9, 2019
Also published on Medium.