The ITW Global Leaders’ Forum (GLF), which is a network of leaders from the world’s largest wholesale carriers, announced Monday the launch of a blockchain-based platform. Known as the Communications Blockchain Network (CBN), this will revolutionize the ICT Service Provider industry’s commercial settlement infrastructure, representing an opportunity worth billions to the global industry.
The CBN is expected to go live in the coming months and will be governed by a collaborative, industry-wide framework. Currently, 11 carriers have agreed to support the establishment of the platform, including A1 Telekom Austria, China Telecom Global, Colt Technology Services, Deutsche Telekom Global Carrier, IDT, Orange, PCCW Global, Tata Communications, Telefonica, Telstra and TNZI.
Additionally, the GLF is partnering with leading technology providers to develop the reference architecture and support the creation of an open, interoperable ecosystem for both ICT Service Providers and technology vendors. Over ten technology providers have already confirmed support for the platform, including IBM, Orbs, ConsenSys, R3, Amartus, Clear Blockchain Technologies, CSG and their Wholesale business, Difitek, Internet Mobile Communications, Subex, Syniverse, and TOMIA.
A diverse mixture of blockchain technologies can provide significant benefits that will transform inter-service provider settlement processes by enabling automation and improving security. This will also help build consensus and create a global framework.The Communications Blockchain Network will first create a framework using a collaboration of various technology and business vendors, which is why they have included multiple providers. This also allows consensus to be built. When the network is live, the telecom and IT carriers can then choose specific vendors they are comfortable working with. Initially, this will be a collaborative framework, which will help build consensus, along with...