While PwC is getting more involved in the financial applications of blockchain technology, fellow Big Four accounting firm KPMG is looking to create a blockchain-based settlements solution for the telecom industry in anticipation of 5G network services. It partnered with Tomia, Microsoft, and R3 to make use of smart contracts in order to reduce disputes between carriers and mobile operators. The planned blockchain solution also involves eliminating the need for telecom companies to outsource settlements, which would make them faster and cheaper.
While this initiative is not the first of its kind, Microsoft and blockchain tech firm R3 have patent documents in the Cryptocurrency sector that suggest they will offer unique features. R3's pending application is directed to reissuing obligations to preserve privacy, which will be important given the data privacy concerns surrounding 5G technology. On the other hand, Microsoft has a pending application for an IoT blockchain interface system.
