Global telecom blockchain initiative announced, major carriers launching new platform

As a network of some of the world’s biggest carriers, ITW Global Leaders’ Forum (GLF) is a powerful entity with plenty of influence in various fields. This same group is now poised to launch a blockchain-based platform that could mean billions to the member telecoms and the industry, as a whole. Among the members of this illustrious group are China Telecom Global, A1 Telekom Austria, and Colt Technology Services, to name a few.

This new platform will be called the Communications Blockchain Network (CBN), Forbes reports, and it is intended to help facilitate the processing of such matters as building infrastructure. With its 11 member carriers, this new initiative will be fully collaborative and will encompass the entire telco industry. Among the tech companies supporting this project is IBM.

IBM Global Business Services VP, Utpal Mangla explained the matter and what the company’s role is going to be in this project. He placed particular emphasis on consensus, choice, and collaboration.

The Communications Blockchain Network will first create a framework using a collaboration of various technology and business vendors, which is why they have included multiple providers. This also allows consensus to be built. When the network is live, the telecom and IT carriers can then choose specific vendors they are comfortable working with. Initially, this will be a collaborative framework, which will help build consensus, along with a global infrastructure,” Mangla said.

Louisa Gregory, Chief of Staff of Colt Technology Services, which is one of the members of the GLF also provided an overview of what this initiative will entail. It also happens that Louisa is taking the lead on this blockchain project.

For the past fourteen months, the GLF and its partners have been putting rigor and processes behind this platform and we believe that now is the time to launch. The blockchain-based ecosystem has been tested with resounding success at every stage, and we believe that this platform signals nothing less than the future of ICT financial settlement,” she said.