Reconciliation of wholesale traffic over blockchain
Telecom Operators are exploring and investing in new cutting-edge technology to overcome the drawbacks of the traditional way of doing business. The traditional way of reconciliation of wholesale traffic is one such business scenario where settlement partners need to wait for the closure of the billing period to initiate the reconciliation to raise any dispute in case of any discrepancies. This delay in reconciliation leads to blockage of revenue for a longer period extending to 3 months to a year in some cases. Real-time reconciliation will improve business experience where overbilling due to fraudulent traffic will be avoided by proactive identification of fraud, and delay in dispute settlement can be avoided.
Smart Contracts can be hosted over a blockchain that includes the business logic, which will ensure the real-time reconciliation of wholesale traffic using the relevant keys. The use of smart contracts will ensure digitization and transparency of the entire process from reconciliation, dispute management, and generation of credit/ debit notes. Blockchain will ensure the protection of digital key and sensitive data over the immutable distributed ledger, where blockchain will enable secured exchange of information & commercial transactions. The possibility of manipulating the data records or transactions over the blockchain is impossible, bringing trust and transparency for all the stakeholders and participants.
How can a decentralized enterprise solution help?
A decentralized enterprise solution can help to improve productivity, increase efficiency, bring trust and transparency.
Reconciliation of wholesale traffic over blockchain ensures better productivity, transparency, trustworthiness, and a simplified process.
Blockchain technology with a decentralized ledger can simplify the process by utilizing the permissioned blockchain where each settlement partners do not need to go back to each other for any information related to transactions or agreement. A distributed ledger will be used to keep track of KPIs and financial transactions to maintain financial settlements. Blockchain technology will allow components and features like consensus and permissioned membership services to ensure trust and transparency. Real-Time reconciliation of wholesale traffic over blockchain and identification of fraud and dispute will bring trust, transparency, improvement in revenue, and minimum expense or timelines for dispute settlement. Hyperledger capabilities allow an open-source solution for enterprises to solve challenges associated with the traditional way of doing business.
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Subrat Saurabh is a Product Director, Blockchain responsible for driving blockchain initiative for Subex, primarily focusing on enterprise solutions and Billing & Settlement while engaging in digital transformation consulting for telecom and other B2B enterprises.