Blockchain platform TBCASoft, technology behemoth IBM and telecommunications conglomerate SoftBank announced on Oct. 22 a collaboration to adopt a cross-carrier telecommunications blockchain payment solution.
New cross-carrier system
Per the release, the partnership aims to allow carriers to use blockchain through the Carrier Blockchain Study Group (CBSG) Consortium — founded by TBCASoft and SoftBank. TBCASoft reportedly already created a cross-carrier blockchain with 18 participants.
The first application that CBSG intends to launch is the Cross-Carrier Payment System (CCPS), which aims to enable mobile service users to use their phones for payments with local merchants abroad. Founder and CEO of TBCASoft Ling Wu noted:
“As the global pioneer of cross-carrier blockchain solutions, we have been working closely with leading telecommunication carriers in the past 3 years under the CBSG Consortium to drive adoption of the CCPS platform. [...] We believe that this collaboration will bring greater combined values to our customers, partners, and the telecommunication industry.”
CCPS reportedly allows for interoperability across different telecom carriers, which should in turn establish a network of merchants accessible to mobile service customers. Softbank is the first carrier to adopt CCPS and aims to launch the payment system in Tokyo in 2020.
More partnerships to come
IBM will reportedly leverage the experience gained by working with 80% of the world's telecommunications carriers to support scaling the ecosystem. TBCASoft also plans to use IBM’s blockchain platform to offer open technology and support multiple cloud environments. Vice President & Partner for Blockchain, IBM Telecommunications Services Utpal Mangla commented:
“Leveraging a telecommunications blockchain network that can enable improved cross-carrier relations, cross carrier payment can help transform the way telecom carriers transact with partners and customers to deliver innovative payment solutions.”
As Cointelegraph recently reported, Samsung Pay, the mobile payments service of South Korean tech giant Samsung, partnered with payments platform Finablr, a member of Ripple’s RippleNet, to offer cross-border payments feature Money Transfer to users of its app.