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The Spanish telecom provider Telefónica has signed a partnership with an American “Big Blue” hardware provider IBM to collaborate to implement blockchain tech, the official press release states.

Telefónica is the leading Spanish multinational telecom provider by market cap and one of the largest telecom providers in the world. As of May 2017, Telefónica was the 110th largest company in the world.

The press release states, that the goal of such partnership is to use blockchain-based tech to streamline core business processes. The joint use of blockchain tech reportedly will improve the reliability of transparency of information collected by different networks.

“The power of blockchain is applicable to the telecommunications business, which participates in an eco-system with a large network of disparate organizations,” states press release.

It’s also highlighted that with the help of blockchain tech, a new form of command and consent could be introduced into the flow of information that “enables significant gains in efficiency and trust.”

Previously, the CEO of an American largest telecom company AT&T, Randall Stephenson, said that the blockchain technology would be the game changer in a couple of years.

Moreover, earlier, the largest South Korean satellite company KT SAT confirmed its plans of implementing blockchain in its business.

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