Bengaluru-based software company Subex has said it will be a part of International Telecoms Week Global Leaders’ Forum’s Communications Blockchain Network, which is a consortium aiming to accelerate the adoption of automated settlement applications.
Communications Blockchain Network also aims to facilitate development of open-source standards and application programme interfaces (APIs) that enable service-provider interoperability of blockchain-enabled services.
“Subex’s blockchain-based partner management solution is designed to enable digital service providers (DSPs) to innovate, launch new services faster and disrupt markets while ensuring safety and security,” said Rohit Maheshwari, head of strategy and products at Subex.
Through the open and secure nature of blockchain, the potential to transform the way DSPs interact with each other is now on the table, added Maheshwari.
The software company explained that blockchain, or distributed ledger technology, can provide significant benefits that will transform inter-service provider settlement processes by enabling automation and improving security. Blockchain-based automation can facilitate carriers to settle new types of traffic, underpinning network and service innovation, and save costs, it added.
"The blockchain-based ecosystem has been tested with resounding success at every stage, and we believe that this platform signals nothing less than the future of information and communications tech financial settlement,” said Louisa Gregory, leading the Global Leaders’ Forum working group on blockchain and chief of staff of Colt.
The Communications Blockchain Network is expected to go live in the coming months and it will be governed by a collaborative structure. Besides technology providers like Subex, the platform will see support from 11 leading global carriers to ensure this blockchain-based, special purpose mechanism can become a reality.