KPGM has partnered with tech companies R3, Tomia and Microsoft to create a blockchain-based settlements solution for the telecom industry. This is in anticipation of 5G network services.
KPMG announced the partnership and product plans in an official blog post on July 16th.
According to the report, the planned blockchain solution intends to make use of smart contracts in order to reduce disputes between carriers and mobile operators. Such smart contracts reportedly includes critical information for this purpose.
KPMG hopes that settlements will become faster and cheaper than they are right now by eliminating the need for telecom companies to outsource settlements.
As at now, cross-border and cross-carrier settlements are reportedly a complicated and lengthy process. They are also frequently outsourced to third parties due to their complexity which results in a sizeable cost to customers. According to the report, the cost of international mobile data roaming fees alone are projected to reach $31 billion in 2022.