Telecommunications Company to Use IBM's Blockchain in Tracing International Calls

The Spanish telecommunications company, Telefónica has signed an agreement with IBM to use its Blockchain technology in improving international calls. The collaboration will enable the company to manage international calls efficiently. It will also grant service providers a real-time access to the call data stored on a decentralized network.

Blockchain Technology For Efficient Management of International Calls

Telefónica outlined that one of its major challenges is the inefficient management of international phone call traffic. Therefore, the Spanish company is employing digital technology to aid in the traceability of calls. As a result, the origin and destination of a call as well as its duration will be monitored using the Blockchain. The data will also allow charges on international calls to be billed accurately.
Ignacio Martín Santos, Managing Director of Telefonica said that the integration of the distributed ledger system in its processes will eliminate some requirements. This includes the reconciliation of call data after phone calls have been made. Additionally, it will help to foster trust among different call operators.

Decentralized Platform Aligns With the Telecommunications Industry

Gonzalo Martín-Villa, the Chief Innovation Officer of Telefonica pointed out that this is the company’s first project targeted at the use of Blockchain Technology. Its purpose in the administration of international calls is to bring about real benefits. According to him, the decentralized network perfectly fits with the telecommunication industry and its adoption will help to “significantly improve integrations between partners”.
IBM, on the other hand, has made remarks in a publication regarding their partnership. The Blockchain provider revealed that a proof of concept (PoC) will be used. This concept makes the information generated by different service providers traceable. Consequently, this reduces fraudulent activities and discrepancies in the information recorded by each service provider.

Seagate Also Employs IBM Technology to Combat Fake Hard Drives

A report made on November, 8 also shows a partnership between IBM and the hard drive manufacturer, Seagate Technology PLC. The data storage company has made plans to place unique IDs on its devices in a bid to combat fake hard drives that are in circulation. These IDs will be stored on Blockchain and made accessible to those who have been granted permission.
Obviously, businesses are seeing the relevance of the Blockchain in combating fraud and leading to transparency. This a distributed ledger technology that even the food and beverage company, Shangai Great lion wants to employ. The company aims at reducing the number of fake booze in circulation.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…