A team of telecom industry veterans just announced the upcoming launch of The Sphere, a disruptive, blockchain-powered global ecosystem designed to allow carriers, operators and resellers to address real challenges in the market, such as declining margins, fraud and inefficiencies. The Sphere is backed by $6 million in capital investment, years of strategic development and innovative engineering.
The Sphere’s unique combination of blockchain technology, globally distributed network architecture and an intelligent fraud management system facilitates unlimited, multi-party chain trading, routing and financial settlements in real time. It’s live exchange platform, which serves as the core of the ecosystem, allows organizations to instantly offer, purchase and resell services in a financially secure yet dynamic environment.
“The telecom industry is at a crossroads,” said Yariv Trabelsi, CTO of The Sphere. “It needs to evolve in order to stay relevant and turn a profit. Typical margins in the middle market used to run between 10 and 12 percent; now, they’re closer to three percent or less. Meanwhile, the retail side is struggling to handle the increasing amount and severity of fraud. As concerned telecom industry veterans, we decided to solve for these challenges by creating The Sphere, which is a seismic development for the market — and this is just the beginning.”
What’s the Deal with Blockchain?
Wondering why there’s so much talk about blockchain? Maybe you’ve seen stories about BitCoin and cryptocurrency in general, but how about the other applications for the underlying, groundbreaking technology? Blockchain, the distributed, digital ledger platform, offers use cases across industries, from finance to real estate to healthcare and more. It’s taking the business world by storm.
In fact, Gartner forecasted last year that blockchain’s business value-add would jump to more than $3.1 trillion by 2030. Accordingly, blockchain development saw more than 6,000% year-over-year growth in Q1 on Upwork’s quarterly overview of the “20 hottest job skills,” Computerworld reported. It’s the fastest-growing skill out of the 5,000+ on Upwork.
For telecom, blockchain can offer precision in areas such as call tracking and financial reconciliation, ultimately resulting in time and cost savings. It also provides a level of security in online transactions that is unprecedented. In short, blockchain technology is changing the way the internet works and transforming the telecom landscape.
Get in Touch
So, want to hear more about the power blockchain can deliver to telcos via The Sphere?
The team is attending ITW next week in Chicago. If you’ll be there, too, look out for their logo and read their Q&A in the ITW Show Daily.