Major international telecommunications companies Colt Technology Services and PCCW Global have collaborated with a blockchain startup to progress with a blockchain proof of concept (PoC). The joint initiative would automate inter-carrier settlement of services across the telecoms industry, UK media outlet Finextra reported May 8.

Initially, the PoC was tested using historical data, but progress has now been made with a successful trial of ingesting live data feeds into the blockchain, enabling traffic to be automatically verified and settled between carriers.

So far, the PoC has been focused on bilateral testing between Colt Technology Services and PCCW Global, the international arm of HKT, Hong Kong’s leading telecoms service provider.

It will now be extended to other members of the ITW Global Leaders’ Forum (GLF), a network of the world’s largest telecoms wholesale carriers. BT, HGC Global Communications, Telefonica and Telstra have all joined the pilot study. Andrew Kwok, CEO of HGC, said that the “momentous” initiative could reshape business practices across the global telecoms industry.

Last month, Chinese telecoms giant Huawei revealed its latest Hyperledger-fuelled blockchain cloud service, and Korean telecoms operator SK Telecom announced two new blockchain tech platforms, one for digital asset management, and one to support the ICO investment ecosystem.