SoftBank Looks At Blockchain to Resolve Online Authentication Issues February 26, 2019 February 26, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsFebruary 26, 2019 by Kelly Cromley

SoftBank Looks At Blockchain to Resolve Online Authentication Issues

Japanese telecom SoftBank is studying blockchain tech as a method to enhance the existing centralized and splintered ID and authentication services.

Softbank further said that it has joined hands with the US-based blockchain startup TBCASoft for the initiative and has established a working group within a prevailing blockchain consortium of telecom carriers, the Carrier Blockchain Study Group (CBSG).

SoftBank intends to make use of TBCASoft’s application infrastructure, the Cross-Carrier Identification System (CCIS), to facilitate blockchain-based identification and authentication services.

Regarding the functioning of the system, SoftBank said, TBCASoft’s CCIS system utilizes zero-knowledge proof (ZKP) cryptography and distributed ledger technology (DLT) that paves way for issuing, storing and authentication of users’ identification in a safe and private way.

The objective of the effort is to solve the issues that customers of current identification and authentication services must fully trust in a centralized institution and divulge their personal information to multiple organizations stored in various internet databases.

The users of CCIS system will receive “freedom from creating multiple accounts and remembering countless passwords to protect their personal information from identity theft.”

Takeshi Fukuizumi, vice president of SoftBank vice president elaborated as follows:

“We envision that individuals should create encrypted digital identities, instead of using and storing multiple usernames and passwords on databases here and there with various qualities of privacy protection. We have been working with TBCASoft on solving identification and authentication problems, and have an answer with CCIS.”

TBCASoft and SoftBank are also planning to partner with other major telecom enterprises under the CBSG consortium for any new ventures.

Back in September 2017, the CBSG consortium was set up with backing from other key operators including the US based carrier Sprint and FarEasTone, one of the largest telecom companies in Taiwan. The association has earlier successfully trialed blockchain based systems for mobile payments and loading or topping prepaid connections belonging to various carriers through the use of TBCASoft’s platform.

Likewise, SoftBank and TBCASoft earlier worked with Nasdaq-listed Synchronoss Technologies to finish a blockchain proof-of-concept that permits peer-to-peer mobile payments across various carriers.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.