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- Will blockchain lead to a smarter energy grid?
- How Blockchain Automates Wholesale Connectivity
- Project Jasper: Lessons From Bank of Canada's First Blockchain Project
- How Blockchain is evolving wholesale roaming processes
- United Wholesale Mortgage To Begin Accepting Bitcoin
- Wholesalers: their only viable revenue model. Blockchain: pleased to meet you.
- Digitizing Global Supply, Trade & Transportation Mgmt Powered by Blockchain
Will blockchain lead to a smarter energy grid?
Many challenges will have to be addressed before operators can harvest the full potential of blockchain, but wholesale automation is the most promising use case for now.
It was a decades-long process, and blockchain could be the same. A new technology underpinning services and capabilities such as this will require ten or 20 years to reach its full potential. So, with that in mind, let us turn to how it could impact wholesale telecom in the years to come. In fact, circuit switching is far from dead even now. From our point of view, the same slow start will also take place with blockchain.
Many challenges will have to be addressed before its full potential can be harvested by operators and carriers: standards, processes, systems, and the list goes on. Our objective here is therefore not to present hard solutions where every component has been analyzed and issues resolved — this would be a short article indeed if that was our intent. Rather, we want to put forward potential use cases that we think could be transformed over the years by blockchain-based solutions.
Our objective is to get people thinking of what it could mean for their business at the earliest stage of this revolution.
Some of these use cases may just improve efficiency, while others may decimate the current business structures. Nevertheless, all of them should be food for thought for anyone in the industry today, as blockchain could become a major game changer for operators looking to reinvent themselves and remain relevant.
Blockchain at its heart is a new approach to sharing information in a secure fashion, and in a way that guarantees the historical accuracy of that information.
Once it is there, it is immutable. Around the edges, applications and capabilities can then automate processes making use of the data, with smart contracts that will issue payments in real-time when agreed and defined criteria are met with no human involvement.
Naturally, the first use cases that come to mind as an initial adoption of blockchain in the wholesale industry are probably the ones tackling the automation of the processes around rating and settlement. We will therefore start with an analysis of how that could evolve and how it could benefit wholesalers in the long run. The commercial interworking of the voice wholesale business is defined by a series of documents shared and exchanged between carriers at different stages of the process.
To date, most of this is achieved manually, often using Excel spreadsheets with designs and processes that differ from one carrier to another. As a result, this is inefficient, prone to human errors and costly.
Although commercial solutions exist to normalize this information, little global standardization has taken place when it comes to the format of the information shared and the processes followed. In summary, the process is complex, open to errors either mistakes in the excel spreadsheets or changes missed by the customer , which result in a higher bill than expected, and the timeframe from exchanging rate sheets to a fully paid invoice can take weeks or occasionally months.
We could envisage that the current lengthy and manual wholesale interworking process will be replaced by a real-time secured and automated blockchain-based process. In this scenario, the rate sheet would be written into the blockchain, with secure access granted to the contracted customer. As we know, these are intended to be valid and unchangeable until they are changed in the future with a new operative timestamp.
Actual minute volumes to each destination defined in the rate sheet could similarly be written into blocks. The process around rating and settlement starts with the exchange of formal rate sheets — the price for termination to be applied from a defined start date and time.
As we have mentioned, these are often in Excel spreadsheets and define the per minute price, for destinations around the world as defined by the dialing codes assigned to those destinations.
Carriers use an amalgam of all the offered termination prices with their dialing codes to develop a routing plan that aims to obtain the best quality at the lowest price.
This may take advantage of small differences in dial code plans between suppliers to maximize the margin. Each call is recorded with the digits dialed and conversational duration, and every minute of conversational traffic can then be priced using the agreed rate.
These cumulative amounts, small in themselves but large in the aggregate, are then combined into an invoice and sent to the customer for payment. Following a validation process of checking volumes and rates, the invoice is finally paid in the appropriate currency. As we know, this prolonged process can be subject to various frauds — deliberate attempts to send high value traffic with no intent to pay, through to just poor business management with no cash to pay the invoice when due.
It may also be significantly extended by disputes between the operators around the number of calls or their duration. At an agreed time, the payment could be automatically triggered using either a fiat currency or a new telecom token, much as SDRs were used in the old bilateral days. With this approach, there is clarity and agreement on the agreed rates, on the amounts owed and rapid and automated near real-time settlement, potentially without currency risk.
This could significantly improve the efficiency and the cost of the process and equally significantly reduce the risk of bad debt and non-payment. Are there issues to be resolved? Nevertheless, the opportunity could be significant for the group, vendor or consortium that comes up with a solution. To achieve this, a federated blockchain would need to be created with the aim of enabling this blockchain-wholesale interworking process securely and privately.
This would also enable the transactions to be completed as close to real-time as possible and at the lowest cost. Fraud continues to plague the telecom industry, so could blockchain play a role there? Again, with some uncertainties to be resolved, yes. Perhaps the fraud follows a pattern of test calls from a hacked PBX to a distant international premium rate number that is testing the access via various wholesale carriers.
Each company can analyze its own statistics to help train such solutions, but what if all this data was written securely and confidentially into a blockchain with access provided to trusted developers to train AI systems with massive volumes of bulk data? That would be very powerful! Many self-learning AI systems rely on such volumes to separate the wheat from the chaff and a combined effort by the industry using blockchain could speed the development of accurate and completely trust-worthy algorithms to kill fraud before it begins.
One major question remains: could blockchain actually mean the end of wholesalers, making them obsolete as a trusted middle-men between retail operators, in a similar fashion to banks being made redundant in money transfers? Definitely food for thought. So watch this space, as our future articles will tackle these existential wholesale-blockchain subjects. This is the best use of blockchain in wholesale voice termination, and could initiate a global standardization across the entire wholesale carrier business Globally so as to bring about ease of doing business in a secure trusted environment, reduce administrative and operational overheads and service turnaround times.
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How Blockchain Automates Wholesale Connectivity
This post summarizes some of the key findings in the second report based on our research for the National Association of Wholesaler-Distributors into how technology will transform the wholesale distribution industry. Download the report now. Blockchain has potential applications far beyond enabling the use of cryptocurrency. Indeed, two Harvard Business School professors claim:. Blockchain is a foundational technology: It has the potential to create new foundations for our economic and social systems.
Project Jasper: Lessons From Bank of Canada's First Blockchain Project
Modern food distributor and logistics platform Buffalo Market today launched the first pay-with-crypto for the wholesale food and beverage industry. While growing numbers of companies have begun to accept digital currencies as a form of payment, Buffalo Market is the first to take an asset class that major financial institutions shunned until recently closer to mainstream use. How to check out with Crypto FAQ. Buffalo Market is the modern distribution platform on a mission to reinvent the food system for good by changing the way food gets from farm to table. Growers and manufacturers use Buffalo Market to get their products to market in the most efficient, transparent way, leveraging a unique mix of logistics, technology, and industry expertise. Buffalo offers a full suite of services from freight to warehousing to merchandising. For more information, visit buffalomarket. For further information: Sean Howell, press buffalomarket.
How Blockchain is evolving wholesale roaming processes
Whether you like it or not, they have radically changed the way we have been selling our rooms over the past years and our approach to online distribution as well. We believe there is no black and white in distribution but a fair mix of greys: you just need to find the right palette! So how do we make sure we are in control and do not end up being strings attached? Is there a real viable model that is healthy for all parties involved?
United Wholesale Mortgage To Begin Accepting Bitcoin
However, ensuring trust between banks, brokerages, custodians and clearing houses using multiple ledgers requires all actors to have full confidence in the market infrastructure. The financial sector was once abuzz with the potential for distributed ledger technology or blockchain to profoundly change the architecture of global financial services and capital markets. In particular, major wholesale and investment banking activities were allegedly about to be transformed. At the fore, central banks were exploring methods to adopt DLT for wholesale and interbank operations for trade and settlement. The technology promised to make infrastructures more efficient, productive and resilient. More recently, central bank efforts have shifted towards DLT-based retail central bank digital currency.
Wholesalers: their only viable revenue model. Blockchain: pleased to meet you.
The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process. Project Helvetia explored the technological and legal feasibility of transferring digital assets through:. The initiative demonstrated the feasibility and legal robustness of both alternatives in a near-live setup. However, comparing them reveals benefits and challenges. A wholesale CBDC has potential advantages when settling digital assets. Yet it would raise major policy and governance hurdles. Linking existing systems to new DLT platforms would avoid many of these problems, but would forgo the potential benefits of full integration.
Digitizing Global Supply, Trade & Transportation Mgmt Powered by Blockchain
United Wholesale Mortgage's servicing customers might be able to make their monthly payments in digital currency, Chairman and CEO Mat Ishbia said on the company's third quarter earnings call. The United States lags behind other countries when it comes to this type of digital payment. For example, in July, a bill was introduced in Spain that would permit mortgage payments made in crypto.
Virtual reality VR is used to replicate surroundings, real or imagined, and create a life-like 3D experience associated with the environment. It allows for user interaction with the surroundings, using closed-loop feedback systems so that the outcomes are a direct result of the actions taken. VR has been around for several years, and many industries already use it for various functions. For example, VR simulations are often used for training in high-risk or high-skill situations that would otherwise be dangerous or difficult to replicate. Flight simulators provide the experience of flying, complete with tilting movement of the flight deck to respond to the actions taken by the person in the simulator. VR can also improve building information modeling BIM , which provides a consistent 3D model that contains all the building data as a base for collaboration among disciplines such as HVAC, plumbing, and electrical.
Decrease font size Increase font size Print this page. Good morning everyone. I want to talk about the future of Money, Finance, and the Internet. But first, a little history. It is named after the Roman goddess of money, Juno, who carried the title Moneta.
The term central bank digital currency CBDC refers to the virtual form of a fiat currency. A CBDC is an electronic record or digital token of a country's official currency. As such, it is issued and regulated by the nation's monetary authority or central bank. As such, they are backed by the full faith and credit of the issuing government.