Global Telecom Carriers Create Blockchain Consortiumbr>
Four major telecom carriers across the globe have joined forces to create a new blockchain consortium called the “Carrier Blockchain Study Group” (CBSG).
The launch follows the partnership between SoftBank, Sprint, and TBCASoft, announced in February, aiming to jointly develop blockchain technology for telecom carriers. With Far EasTone newly joining this association, it since developed into a consortium that aims to build a next-generation global cross-carrier blockchain platform and ecosystem.
The consortium will promote research and development for the platform with the aim of providing users various services, such as secured clearing and settlement, personal authentication, IoT applications, and other services in the future.
The consortium will be inviting global telecom carriers to participate and soon define the requirements of the cross-carrier blockchain platform. CBSG will also function as a working group for telecom carrier members to resolve issues related to technology, business and the regulations of various jurisdictions.
Back in February, SoftBank, Sprint and TBCASoft commenced 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 IoT payment on a cross-carrier payment platform system using TBCASoft’s blockchain technology that can be integrated with telecom operators’ existing systems. TBCASoft’s technology enables a highly secure and versatile global blockchain platform system that can be operated 24/7 at low cost.
“CBSG is leading the telecommunication industry’s understanding and development of blockchain technology,” said Doug Garland, Sprint Vice President of Innovation and Partnerships. “The disruptive potential of blockchain on a global scale will be fully realized when carriers work together and leverage the new platform and ecosystem.”