Clear is a young company with great ambitions. She wants to build a blockchain for high volume transaction systems like payments between telecommunications companies. A Series 13 investment has been announced today.
The round was led by Eight Roads with the participation of Telefónica Innovation Ventures, the Telekom Innovation Pool of Deutsche Telekom, HKT and Singtel Innov8.
It is no coincidence that the strategic investors were telecommunications companies. The first use case for Clear's blockchain transaction network is to shift payments between global telecommunications companies. Today, this system is very manual and prone to errors.
Clear co-founder and CEO Gal Hochberg says his company accepts commercial contracts and converts them into digital representations, often referred to as smart contracts in the digital ledger.
"This enables us to create a trustworthy view of the actual status of the business relationship between the company's business partners because they are now paying attention to the same prices and usage." They can find problems in real time, either in commercial information or in the provision of services, and they can even solve the problems within our platform, ”said Hochberg.
By including these high-volume cross-border transactions with these smart contracts on the blockchain to act as an automated enforcement of the conditions, you don't have to wait until the end of the month to find bugs and start a resolution process.This happens in real time to the Reduce time to pay and speed up conflict resolution.
"We use blockchain technology to create these interactions so that they are verifiable, cryptographically secure, and that both sides are synchronized and see the same information," said Hochberg.
For starters, the company is working with global telecommunications companies because the number of transactions and how they cross borders make this a good test case. Hochberg says, however, that this is only the starting point. They're not in full production yet, but he says they have proven they can handle hundreds of millions of billable events.
The money should help the company begin full carrier-grade production sometime in the first half of this year, and then expand into other non-telecommunications industries with today's investments.