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Business consulting firm KPGM has partnered with technology companies Tomia, Microsoft and R3 to create a blockchain-based settlement solution for the telecommunications industry in anticipation of 5G network services.
KPMG announced the partnership and product plans in an official blog on July 16th.
According to the report, the planned blockchain solution plans to use smart contracts to reduce conflicts between operators and mobile operators. Such smart contracts would include crucial information for this purpose, providing details such as correct pricing, destination information and bilateral transactions.
KPMG hopes that the end result will be that regulations will become faster and cheaper than today, eliminating the need for telecom companies to outsource regulations.
At present, cross-border and B2B regulations would be a long and complicated process. These regulations can sometimes take weeks and are often outsourced to third parties because of their complexity.
This outsourcing has a significant cost for customers. According to the report, the cost of international mobile data roaming alone is expected to reach $ 31 billion in 2022. Moreover, it is anticipated that these settlement processes will become more complex with the advent of 5G mobile services as data transmitted by users will be even more numerous.
As previously reported by Cointelegraph, South Korean telecommunications company KT Corporation has already launched a blockchain-based solution on the 5G network. The solution, called "GiGA Chain", would act as a security feature for Internet-of-Things devices by protecting devices against cyber attacks.
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