Two of Asia’s biggest telecom providers South Korea’s KT Corp and China Mobile are joining forces to bring blockchain in telecom sector, making settlement of roaming charges easier and more straightforward for their users.
Blockchain is indeed giving the entire world a glimpse of the future. Blockchain in telecom sector is digitizing and updating how the otherwise complex activities revolving around generating billing cycles, roaming charges, and supply chain management takes place. Smart contracts available on the blockchain are automating the entire process of auditing and accounting, thereby saving millions of dollars for telecom companies.
Blockchain in telecom sector gets more takers
The blockchain-powered roaming system, known as B.Link, will simplify the charging process for KT and China Mobile users during travel. The innovative system will self-evaluate the roaming data from both carriers and enable real-time settlement of roaming charges, as reported by the Korean Herald on 5th December 2019. It is expected to cooperation on 5G roaming services, thus saving time and costs for both companies.
In October this year, KT Corp ventured into the food industry to further explore blockchain’s potential. It developed a halal blockchain verification system that allows halal food consumers to check whether the meat they purchase complies with traditions set forth by the Islamic religion. Moreover, in September, it collaborated with the country’s biggest payment processor, BC Card, to streamline VIP reward points and vouchers settlement process for its affinity partners.
China Mobile, on the other hand, has also played its part in incentivizing the use of blockchain. Being one of the founding partners of the Trusted Blockchain Telecom Application Group, it is making significant contributions towards the development of blockchain-as-a-service products and incorporation of technology in the Internet of Things, logistics and more.
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