CodeB.io is a platform that offers solutions in the international wholesale voice carrier market, which is projected to reach a valuation of USD 120 billion by 2032. However, with the increase in voice traffic, there's a corresponding rise in fraud, which is expected to grow at a similar pace.
The fraud mitigation service segment is anticipated to account for over 13% of the international wholesale voice carrier market share by 2032. The main types of voice traffic fraud include CLI (Calling Line Identification) manipulation, OBR fraud, grey routes, Wangiri, and International Revenue Share Frauds (IRSF). The surge in voice traffic frauds, coupled with increasing cyber threats, has amplified the need for fraud mitigation systems, thereby expanding the market size.
International Wholesale Voice Carriers are expected to adopt more robust multi-layer security measures. Blockchain technology is becoming a crucial part of their fraud mitigation strategy, serving as a decentralized information exchange system.
Fraud Mitigation with Blockchain
Blockchain technology offers several advantages over traditional technologies in combating fraud:
It serves as a single source of truth to reduce disputes.
It allows anonymous but authenticated communication, enabling information exchange without revealing commercial interests.
It provides strong identities.
It enables automated settlements.
It eliminates silos and vendor lock-ins.
To interface legacy SIP systems with the new blockchain technology, CodeB offers a wide range of APIs such as REST APIs, Web Services, and Web Sockets. Each CodeB Node also includes proxies for SMS and SIP traffic to simplify integration.