Global ICT body releases distributed ledger guidelines

Global ICT body releases distributed ledger guidelines
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14 Jan, 2020

London based  (CBAN) Communications Business Automation Network, a lobby group for information and communications technology providers, has drafted structure and governance principles on how to build a distributed ledger technology (DLT) for ICT operators. 

The whitepaper published by CBAN outlines the principles as well as a reference architecture for the DLT deployment. The paper also contains definitions for data-on-demand and requirements for international voice settlements. 

CBAN was found by the International Telecoms Week Global Leaders’ Forum (ITW GLF) in 2018.  It is a global network of leaders of international carriers, who convene to discuss strategic issues and work on collaborative projects. 

The group counts companies such as Tata Communications, Business Telecommunication Services, A1 Telekom Austria, AT&T, Verizon, Subex, Telestra, Clear Blockchain Technologies and other ICT providers among its backers. 

The latest guidelines will help ICT companies create an interoperable framework that can support multiple business products and different DLT implementations, ITW Global Leaders’ Forum said in a statement. 

“We set out in June a vision of the benefits a DLT-enabled automated settlement can deliver to the ICT Service Provider industry,” said Louisa Gregory, lead of the CBAN working group. 

“We are as convinced as ever that an automated settlement platform to benefit the whole industry can and will become a reality in the coming months,” she added. 

The CBAN reference architecture principles help ICT providers maximise the choice of technology solutions, maximise the scalability of CBAN in terms of supported business products and the number of technology providers developing solutions for the platform. 

Jussi Makela, Director of the GLF and project manager of the CBAN working group said that the work of the development project will be in production by the end of 2020. 

The news shows that the telecom industry is investing in DLT, or blockchain,  across its network. The ITU (International Telecommunications Union), which is run by the United Nations, also recently launched its ‘toolkit’ of cross-industry blockchain guidelines. Both blockchain and DLT are often interchangeably used, but they are not the same. DLT refers to a digital system for recording the details of a transaction. The information is stored at multiple places at the same time and there is no central administrator. Blockchain is a popular type of DLT. 

Blockchain technology lets service providers create virtual ledgers, helping them keep track of data across the value chain. The technology is estimated to generate $3.1 trillion in new business value worldwide by 2030, according to technology research firm Gartner.