Digital technology provider Subex said on Tuesday that it will be a part of the ITW Global Leaders' Forum's Communications Blockchain Network (CBN), a blockchain-based consortium which aims to revolutionise the ICT service provider industry's commercial settlement infrastructure.
Through its mission to accelerate the adoption of automated settlement applications, CBN represents an opportunity worth billions of dollars to the global industry in terms of costs savings and revenues from new products and services.
The ITW Global Leaders' Forum is a global network of leaders from the world's largest international carriers who convene to discuss strategic issues and to agree on collaborative activities, with the aim of upholding the principle of interoperability and ubiquitous international and technological coverage.
The CBN, which is expected to go live in the coming months, will be governed by a collaborative structure. Besides technology providers like Subex, the platform will see support from 11 leading global carriers to ensure this blockchain-based special purpose mechanism can become a reality.
"Digital trust is increasingly gaining importance in the connected ecosystem and there is an urgent need to simplify inter-service interactions without diluting the trust within these transactions," said Subex Managing Director and CEO Vinod Kumar. "This is where technologies like Blockchain can be of great significance," he said in a statement.