Colt and Zeetta launch blockchain PoC at MEF18
Colt Technology Services has partnered with Zeetta Networks to launch a proof of concept demonstration of a blockchain-based carrier marketplace for LSO Sonata.
The PoC, which is being demonstrated at MEF18, will highlight how carriers can buy and sell network services in a secure marketplace using blockchain technology. This, the companies claim, could help lower the cost of business-to-business interactions for network service providers.
A distributed ledger, or Blockchain based solution, creates an environment within which business can be securely transacted, with the automation required to support dynamic network services and assurance. Carriers and providers can then execute Smart Contracts with potential business partners in a private, secure environment with all interactions encrypted and recorded in the chain, reducing the complexity and costs while driving market demand for global connectivity.
Vassilis Seferidis, CEO of Zeetta Networks, said: “With the rise of 5G networks and the requirements for low latency and high bandwidth applications, automation of business-to-business interaction is required for the optimum utilisation and monetisation of network capabilities. This goes beyond the traditional VPN connectivity offered today by incorporating network virtualisation and slicing.
“Zeetta’s patented Smart Contract technology automates the commercial transactional process, allowing carriers to trade interconnect slices and restructure and re-purpose network slices to match the exact requirements of customers and their applications.”
It comes at a time when carriers, especially in wholesale, are looking to develop solutions offering a more seamless experience for their customers. Cross-network collaboration will increase the scale and complexity of business interactions, paving the way for a more secure, distributed system.
Colt will leverage its flexible IQ Network, working with Zeetta to deliver a blockchain solution for carriers.
Mirko Voltolini, head of network on demand at Colt Technology Services, said: “Blockchain technology is a disrupter to the slow and error-prone manual approach most traditional business processes have been run so far. Above all, it removes the need to have a trusted third party intermediary to carry out B2B transactions among multiple entities. Coupled with SDN it has the potential to extend automation from the network to the business, it’s a revolution to the telecom market.”