In April 2019, the Risk & Assurance Group (RAG) Steering Committee approved the concept of using blockchain technology to help tackle fraud in the industry. In less than three months, a prototype has been designed, a consortium from the telecommunications industry established, and a working solution (screenshot pictured above) implemented in the first global pilot of its kind. Last week Araxxe, a leading international RAFM vendor, became the first business to connect themselves to the prototype ledger. Araxxe reported that the process of installing and connecting to the network was easy and seamless. Many more firms will connect over the coming days and weeks.
The collaboration between the Risk & Assurance Group, Orillion Solutions, and various members of RAG is a great example of how we can combine exponential technology with the active participation of industry leaders to solve a real-world problem. The platform, developed by Orillion Solutions, aims to create a global, distributed ledger of fraud information based on members’ contributions that are synchronized and made available to all consortium members in real-time. This first blockchain-based use case focusses on wangiri fraud, which is a global problem facing telcos and their customers.
The interest from the industry in participating in the pilot project has exceeded expectations. With over twenty entities expected to join the network during the duration of the pilot, this will represent one of the biggest private blockchain consortiums globally. The consortium includes mobile and wholesale operators from North America, Europe, Africa, and Asia. The telcos involved range from some of the world’s largest groups to several smaller standalone operators. The consortium also includes vendors of RAFM software and services; Araxxe was the first to connect, but they will soon be joined by GBSD Technologies, LATRO Services, and the 4C Group.
The latest Hyperledger Fabric technology is being used in the pilot. The HyperLedger framework project has included some of the world’s largest blockchain, technology, financial service, and business software companies, whose contributions have helped create this enterprise-grade technology. This technology provides a modular architecture, the ability to execute smart contracts and configurable consensus and membership services.
The pilot will run during August and September 2019 with the plan to extend to a full production state shortly thereafter. The pilot case study will be available in October.
It’s not too late to join the pilot – find out more from the dedicated project page on the RAG website or contact me directly at email@example.com. In the meantime, take a look at this short video demonstration of the ledger interface.