Blockchain System for Consumer Data Developed by SoftBank

Announcements, Blockchain, Innovation | December 26, 2017 By:

Japanese telecom carrier SoftBank Group, in partnership with blockchain startup Sivira, has created a blockchain-based system for managing personal financial information. The company aims to launch the system in the market in 2019.

Developed by subsidiary SoftBank Technology and Sivira, the new blockchain system will give financial institutions access to rent payment histories and property information from Tokyo-based Insite. Lenders can use this information to help determine a potential borrower’s ability to pay, simplifying a time-consuming process that usually requires confirming such information as the applicant’s income and bank account details.

Headquartered in Tokyo, SoftBank was ranked in the Forbes Global 2000 list as the 62nd largest public company in the world, and the third-largest public company in Japan after Toyota and Mitsubishi UFJ Financial. SoftBank has operations in broadband, fixed-line telecommunications, e-commerce, Internet, technology services, finance, media and marketing, semiconductor design and other businesses.

In March of this year, SoftBank partnered with Sprint and California startup TBCASoft to develop blockchain technology for wireless carriers. In June, the companies conducted a technical trial that connects TBCASoft’s blockchain platform to telecom carriers’ systems. The companies demonstrated cross-carrier top-ups, mobile wallet roaming, international remittances and Internet of Things (IoT) payment on a cross-carrier payment platform system using TBCASoft’s blockchain technology, which enables a highly secure and versatile global blockchain platform system that can be operated 24/7 at low cost.

The partnership has since developed into a consortium, called the Carrier Blockchain Study Group (CBSG), that aims to build a next-generation global cross-carrier blockchain platform and ecosystem. Taiwan-based telecommunications company FarEasTone also joined the consortium.