- Private Key Negligence: BBC Journalist Reveals How He Was Robbed £25,000 in Ethereum
- Prominent Analyst Slams XRP as a 'Scam Coin' Following a Lawsuit against Ripple
- Ripple Price Technical Analysis (August 19): Still Bullish But Hesitant
- The Crypto Fear and Greed Index Signals Negative Market Sentiment
- Bitcoin for Hacking: 19-Year-Old UK Hacker Gets 20 Months in Prison
Global accounting firm KPMG has partnered with tech companies Microsoft, Tomia and R3 to create a blockchain platform for telecom settlements, in anticipation of 5G network services. KPMG has been known to pilot industry specific blockchain-powered projects in the past.
As one of the Big Four accounting companies worldwide, KPMG continues its drive for blockchain-powered revolution in the telecommunications industry by partnering up with tech giants that develop distributed ledger technology solutions. With these partnerships, KPMG hopes to resolve the issues that multi-party connections face.
The world is stepping into a new age of technological advancements when it comes to telecommunication and data transfer. Dubbed as the “next generation of internet connectivity,” 5G has brought the telecommunications industry to a turning point, and blockchain is the solution to many of the complexities that 5G brings with itself. This is why KPMG is looking to utilize blockchain technology to resolve the hard data issues of 5G connectivity.
The hopes from this project is that settlements will happen faster and cheaper by removing the need for the telecom industries to outsource settlements. Currently, cross-border and cross-carrier settlements cause telecom companies a lot of headache. They are lengthy and complicated and often need to be outsourced to local settlers.
Because of the outsourcing, the cost for telecom companies rises dramatically. These costs are eventually trickled down to the end customers. The cost of international mobile data roaming fees alone is projected to reach $31 billion in 2022. That is an annual growth rate of eight percent.
Rising Mobile Data – Blockchain to the Rescue
Arun Ghosh, Blockchain Leader at KPMG and the author of the blog post announcing the partnership, relates to the surge in utilization of global data. He notes:
“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”
He also goes into the details of the security issues currently faced by the telecom industry when it comes to cross-service operations. Ghosh also mentions the huge amount of data is generated around mobile devices including call details, contract and billing information that must be authenticated by at least two parties in case of cross-service operations.
To deal with all of these complexities, KPMG has formed a partnership with major tech companies that earned . According to Ghosh, KPMG will be taking the reigns in the blockchain project; Microsoft will build the system; R3’s Corda will supply the necessary DLT functionalities; and TOMIA will contribute its expertise of telecom into the mix.