du, formally Emirates Integrated Telecommunications Company (EITC), has decided to work together with some of the multinational telecom companies as a member of the Carrier Blockchain Study Group (CBSG)–a worldwide consortium of top level telecom firms building next generation blockchain technology solutions.
By joining CBSG, du will turn into a vital part of the world’s first blockchain consortium of telecommunications carriers and foster the development of blockchain-supported services such as Cross-Carrier Payment Systems (CCPS)–a blockchain-based worldwide payment system created by TBCASoft, a U.S.-based blockchain technology firm and a founding member of the CBSG Group.
One of the main solutions developed by TBCASoft is CCPS. It facilitates simplified mobile cross-border payments and inter-carrier transfers to customers via mobile wallets.
In the UAE, this implies that direct transfers can happen immediately, even in case of cross-border payments, without “intermediaries” or deception concerns. This will also minimize fees for the user.
Osman Sultan, CEO, EITC, said “The advantages of blockchain are becoming widespread throughout the world and unlocking the potential of this technology is essential towards empowering individual users and creating new value within the UAE’s enterprise community. By joining the CBSG, our involvement with this expert consortium of industry leaders will launch the adoption of blockchain in the UAE telco sector and align us with the objectives of the UAE Blockchain Strategy 2021. This reflects our continual commitment towards creating safer, more secure networks and a refined focus towards the exploration of blockchain’s endless possibilities.”
As a prominent provider of blockchain solutions in the UAE, du will capitalize on its capabilities by promoting innovations in areas such as security, transparency, data protection and real-time transactions. By doing so, du intends to resolve crucial issues across industries.
Ling Wu, Chairman of the CBSG Consortium, founder and CEO of TBCASoft, said “The CBSG Consortium has been gaining momentum because of our unique vision of a cross-carrier blockchain platform that has no reliance on crypto-currencies. We are excited to welcome du to the consortium.”
