KT Develops Blockchain-Based Real-Time Roaming Settlement Technology
Published2018.05.23 16:47KT announced that it has developed "real-time automatic roaming settlement" technology based on blockchain smart contracts. Utilizing this technology, inter-carrier roaming settlements, which previously took a month, can be processed in real-time on a per-transaction basis.
A 'smart contract' is a digital contract method based on blockchain technology in which contracts and transactions are executed when pre-set conditions are met.
Until now, carriers have settled charges for roaming services by verifying roaming information through the 'Data Clearing House/Financial Clearing House (DCH/FCH).' Going through the Data Clearing House makes it difficult to check real-time usage details, and the settlement process, including correcting errors, has consumed a significant amount of time and cost.
The 'real-time roaming automatic settlement' technology enables the automatic verification and confirmation of usage data exchanged between carriers during the process of providing roaming services to users, using the 'blockchain smart contract' function, and helps to proceed with real-time settlement if there are no errors in the process. It is expected that real-time billing will also be possible in the future if access to and control of rate information contracted between telecommunication companies becomes possible through blockchain technology and consultations with operators.
"We plan to propose standardization so that this technology can be expanded into a next-generation international roaming settlement system after thoroughly verifying it through international cooperation," said Kim Won-kyung, Executive Vice President and Head of Marketing Strategy at KT. "In addition, we plan to combine this with KT's network technology to develop and utilize it as a settlement infrastructure capable of providing real-time services between overseas carriers."
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