KPGM Is All Set To Work With R3, Microsoft And TOMIA On A Niche’ Blockchain Telecom Solution
- KPGMs upcoming blockchain platform will make use of smart contract technology to streamline many complex monetary processes associated with the telecom industry.
- It is expected that 5G network providers will be able to make use of the above stated digital solution to make their internal processes hassle free.
According to an all new press release issued by the folks over at KPGM, the business advisory firm has entered into an agreement with a number of major tech companies such as Microsoft, Tomia and R3 in order to devise a blockchain-based settlements solution for the global telecom industry.
As per the above linked report, the envisioned blockchain platform will make use of smart contracts so as to help reduce the number of disputes that normally take place between carriers and mobile operators on a near day-to-day basis. Not only that, according to KPGMs core dev team, the new system will also make settlements faster and cheaper for network providers (by completely eliminating the need of any middlemen.)
At press time, most cross-border and cross-carrier settlements are processed using complicated mathematical algorithms that are not only complicated to administer but also quite time consuming.
Data available online seems to suggest that carrier settlements can sometimes take weeks to resolve.
The cost of outsourcing settlements can often lead to customers incurring additional processing charges. In this regard, it should be pointed out that by the end of 2022, experts believe that the peripheral fees associated with international mobile data roaming charges will scale up to a whopping $31 billion.
It is also being said that with the advent of 5G, carrier settlement processes will become even more complex than they are right now.