Subex announced that it will be a part of the ITW Global Leaders’ Forum’s Communications Blockchain Network (CBN), a blockchain-based consortium which aims to revolutionize the ICT Service Provider industry’s commercial settlement infrastructure. Through its mission to accelerate the adoption of automated settlement applications, CBN represents an opportunity worth billion to the global industry in terms of costs savings and revenues from new products and services.
The ITW Global Leaders’ Forum is a global network of leaders from the world’s largest International Carriers, who convene to discuss strategic issues and to agree collaborative activities, with the aim of upholding the principle of interoperability and ubiquitous international and technological coverage.
The CBN, which is expected to go live in the coming months, will be governed by a collaborative structure. Besides technology providers like Subex, the platform will see support from 11 leading global carriers to ensure this blockchain-based, special purpose mechanism can become a reality.
Blockchain, or distributed ledger technology (DLT), can provide significant benefits that will transform inter-service provider settlement processes by enabling automation and improving security. DLT-based automation can facilitate carriers to settle new types of traffic, underpinning network and service innovation, and save costs.
The objective for the platform, and the collaborative industry-wide governance framework, is to facilitate development of open-source standards and APIs that enable service-provider interoperability of DLT-enabled services and manage critical infrastructure elements of the platform.
Louisa Gregory, leading the GLF working group on blockchain and Chief of Staff of Colt, said: “For the past 14 months the GLF and its partners have been putting rigour 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.”
Vinod Kumar, Managing Director and CEO, Subex said: “Digital Trust is increasingly gaining importance in the connected ecosystem and there is an urgent need to simplify inter-service interactions, without diluting the trust within these transactions. This is where technologies like Blockchain can be of great significance. In line with this, Subex is excited to be a part of GLF’s CBN initiative and work together with leading carriers and technology partners towards democratizing trust and simplifying the settlement process by using blockchain.”
Rohit Maheshwari, Head of Strategy and Products, Subex adds: “Subex has been at the centre of enabling digital businesses to effectively partner and transact with each other. Through the open and secure nature of Blockchain, the potential to fundamentally transform the way digital service providers (DSP) interact with each other is now on the table. Subex’s Blockchain based partner management solution is designed to enable DSPs to innovate, launch new services faster and disrupt markets while ensuring safety and security. We are also excited about possibility of leveraging Blockchain for use cases beyond partner management to areas with far reaching use cases for establishing Digital Trust. Therefore, we believe being part of a consortium of leaders like GLF will only propel our R&D efforts in Blockchain and help make it a business reality.”