• Mon, 26 Aug 2019, 09:11 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Accounting giant KPMG partners with Microsoft, TOMIA, and R3 for blockchain-based telecom solutions

Mon, 22 Jul 2019, 05:02 am UTC

Accounting behemoth KPMG has partnered with software companies TOMIA, Microsoft, and R3 to develop a blockchain-based settlements solution for the telecom industry.

As per a press release, KPMG, one of the "Big Four" accounting companies, wants to address the cross-border and cross-network settlement issues among telecom companies that will arise from 5G connectivity. Specifically, it intends to use smart contracts to mitigate disputes between carriers and mobile operators.

With roots grounded in transparency, blockchain has the potential to proactively combat rising costs to consumers resulting from cross-border settlements, and with 5G, ensure that the international roaming and cross-border cell phone networks are interoperable and efficient,” the announcement stated.

The contracts would allegedly include specific details, including the correct rates, destination, and bilateral deal information. The move hopes to provide faster and cheaper settlements, eliminating the need for telecom firms to outsource settlements. It can also reportedly build in invoice reconciliation solutions to tackle issues about rates and amount.

The blockchain solution is "intended to streamline the transactional process from a multi-week to multi-day process by saving time on settlement and dispute management, increase transparency, and prevent hefty costs trickling down to consumers – making the anticipated 5G switch and the resulting processes as smooth as possible."

The announcement also noted how the cost of international mobile data roaming fees is expected to reach up to $31 billion in 2022, with an average growth rate of 8% per year.

According to CoinDesk, KPMG will serve as the design and execution lead for the project. Meanwhile, Microsoft will be the principal architect, R3’s Corda will act as a backbone of the operation, and TOMIA will offer a layer of telecom know-how by representing 40-odd global operators.

The new partnership was announced after KPMG recently said it will join the Trusted Internet of Things (IoT) Alliance organization, which aims to bring companies together to develop and establish the standard of an open-source blockchain protocol to support IoT technology across industries.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,349.10 (+2.16%)
  • Ethereum (ETH) $190.44 (-0.02%)
  • XRP (XRP) $0.271000 (-0.60%)
  • Bitcoin Cash (BCH) $311.46 (+1.04%)
  • Litecoin (LTC) $74.04 (+0.85%)
  • Bitcoin (BTC) $10,349.10 (+2.16%)
Aug 26, 2019 (Monday)
08:49
US lawmaker’s concerns on Facebook's crypto remain unresolved even after meeting with Swiss regulators
08:13
Brave Browser expands token tipping service to Vimeo, Reddit users
08:05
Craig Wright again tries to prove authorship of Bitcoin white paper
04:09
Crypto startup Circle eyes $100M fundraise for its crowdfunding arm SeedInvest
04:05
BitPay, Blockchain.com team up to offer a new way of bitcoin spending
04:04
Binance offers lifetime VIP membership to hack victims, blames KYC vendor for image leaks
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft