Blockchain for Reconciliation in Telecom & Media
The ecosystem of a typical Media & telecom organisation contains a variety of industry led partnerships and alliances: from network providers, cloud and software vendors, security, mobile, hardware, IoT… to many providers and competitors offering specific services for music and video streaming or data roaming. All of these features are packaged under one contract to the end-consumer, which provides a seamless experience and an easy-to-consume product.
Reconciliation is required to ensure that account balances between different independent systems are exact and accurate, investigate any discrepancies when found, and action corrective measures when required. Unfortunately, reconciliation as a practice today still presents a lot of challenges in regard to data integrity, transparency and trust and lack of cost and time effectiveness of conflict resolution.
Enters Blockchain: a technology that enforces immutable transparent logging, decentralised trust and data integrity; whilst providing automation mechanisms through smart contracts to execute Account and Payment reconciliation. Leveraging Blockchain as a single source of truth, helped our media & Telecom clients implement an effective management of account reconciliation activities -cutting down time and effort of payment reconciliation to minutes instead of days and reducing mis-statement in financial accounting.
The solution has got the potential to grow into a real-time, micro-transactional based reconciliation platform, where purchase triggers reconciliation automatically. A growing eco-system will bring more partners and participants into the ledger and will establish trust through Blockchain. The revolution of Blockchain in the reconciliation space will not stop at one business or one eco-system. The prominent challenges of account reconciliation is a known hindrance for every organisation. Many banks and financial institutions are working on Blockchain for interbank reconciliations, so, what is your industry waiting for?