Spain’s largest telecommunications service provider, Telefonica, is applying Blockchain technology in managing international calls on mobile phones. This is according to a Cointelegraph correspondent report.
In the new collaboration, the world’s leading technology firm, IBM, will be building a Proof of Concept (PoC) distributed ledger technology platform for Telefonica with features that enable tracing international calls from their origin to their destination. Additionally, the network will perform other tasks such as monitoring the duration of the call.
Telefonica Aims To Improve Data Capturing
IBM will play a crucial role in providing Telefonica with a Blockchain platform that is tailored for the management of international mobile phone call traffic. Specifically, routing international calls has been a challenge to the firms which is now seeking to improve the reliability of the information that the existing network records.
Further, data from the old system has been raising transparency concerns among engineers and other company managers since there have been numerous cases of incorrect information being captured. Due to the inconsistent nature of performance, Telefonica has been investing more resources especially in this line of business and it is correct to allude that Blockchain technology application is the best approach to solving the far-reaching challenge.
IBM-Powered Blockchain Platform Will Revolutionize Telecommunications Services
Although the application of Blockchain technology in monitoring calls is nascent in comparison with other applications such as e-commerce, international money remittance, finance, insurance, real estate etc., IBM is at a better position of customizing distributed ledger technology for the needs of Telefonica. In this case, the upcoming network will be customized for tracking the traceability and certainty of all international calls and relevant data such as duration of the call, the destination of the call, and location of the caller among other data.
Moreover, IBM will input network protocols that are designed to accommodate a variety of peers who take part in routing international calls and managing the traffic. The peers include vendors, service providers, operators, and other parties involved. They will all interact on a peer-to-peer basis and have access to ledgers that contain relevant data.
Apart from addressing the challenge of data discrepancies, the new Blockchain platform will address issues such as corporate loss due to uncollected revenue, dispute resolution, and fraudulent activity that may be of interest to the Spanish or European government, Interpol, or even the CIA.
Telefonica And IBM Are Aiming The Best
According to Forbes, Telefonica is the globe’s seventh largest telecommunications company at a market cap of$51 billion. It has 343 million clients in 17 countries. The company’s CIO, Gonzalo Martín-Villa, believes that the new Blockchain platform will build trust not only on the data but also the firm as a whole.
On the other hand, IBM has confirmed the partnership. It seems like the words of IBM Global Senior VP, Martin Schroeter, during a CNBC ‘Mad Money’ interview with Jim Cramer in July 2018 were not empty hyperbole. The VP said, “…people love our Blockchain…” Telefonica and countless others are proving the fact.