CSG launches telecoms blockchain lab as competition heats up

Competition for blockchain is heating up in the telecoms industry. Firstly, digital solutions company CSG has announced the opening of a blockchain technology lab. The NASDAQ listed company boasts 300 telecoms clients including AT&T, Charter Communications, TalkTalk, Telefonica, Telstra and Verizon. The second piece of news is the expansion of the Carrier Blockchain Study Group.

CSG lab

The lab is currently focused on blockchain’s potential to improve CSG’s ‘interconnect and partner settlements’ platform. In other words for payments when customers roam between providers. CSG has targeted five key areas where blockchain could improve existing business practices: agreement, event recording, financial transactions, accounting and financial settlement. As a result, CSG is particularly looking at blockchain’s smart contract and settlement capabilities. Smart contracts would allow open exchanges of contracts between carriers, thereby speeding up the time it takes for contacts to be agreed. Blockchain settlement would have a similar effect.

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