KPMG joins hand with techies for blockchain solutions

20 Jul, 2019
by Manshi Soneji Mamtora
News
KPMG joins hand with techies for blockchain solutions

KPMG, part of the big four accounting companies is now collaborating with tech companies including Tomia, Microsoft, and R3 to provide a blockchain-based solution for 5G network services. Hard data issues to be resolved.

Collaboration

KPMG officially announced in a blog post that it will be joining hands with Tomia, Microsoft, and R3 to create a blockchain-based settlements solution for the telecom industry. This is seen due to the anticipation of upcoming 5G services.

The blockchain system will utilize smart contracts to reduce conflicts between carriers and mobile operators. This contracts would carry critical information like correct rates, destination, and bilateral deal information. These blockchain-based solutions would result in faster and cheaper arrangements and cut down the need to outsource settlements. 

Blockchain over manual

Arun Ghosh, Blockchain Leader at KPMG, addressed in a blog post, '' 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.''

As per the current situation, settlements and reconciliations are currently handled manually and can take up to a month to complete as a huge amount of data is generated is around mobile devices including the metadata. 

$31 billion revenue

As per the blogpost international mobile data roaming revenues are expected to reach $31 billion in 2022, with an average annual growth rate of 8%. Ghosh elaborated, ''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.''

In the proposed business setup, KPMG would handle the design and execution lead, Microsoft would be the primary architect, while R3’s Corda acts as the backbone of the operation, and TOMIA brings a layer of telecom expertise through representing 40-odd global operators.

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