TBCASoft, IBM & SoftBank Partner To Build a Cross-Carrier Blockchain Payment System
TBCASoft, a blockchain platform provider, software behemoth IBM and telecom enterprise SoftBank have entered into a partnership to build and deploy a cross-carrier telecom blockchain payment system.
The collaboration intends to permit carriers to utilize blockchain via the Carrier Blockchain Study Group (CBSG) Consortium-established by Softbank and TBCASoft. Notably, a cross-carrier blockchain has been already created by TBCAS in partnership with 18 organizations.
CBSG aims to introduce Cross-Carrier Payment System (CCPS) as the first application based on the blockchain system mentioned above.
Once implemented, the service will enable settlement of vendors using smart phones. TBCASoft’s founder and CEO Ling Wu explained the benefits of such a system to all parties involved in the project.
“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 permits for interoperability between various telecom carriers, allowing the creation of a network of merchants who can be easily connected with clients using mobile service. Softbank is the first carrier to implement CCPS and intends to roll out the payment facility in Tokyo in 2020.
IBM will supposedly capitalize on the expertise attained by operating with 80% of the world’s telecom carriers to back the process of ramping up the ecosystem.
TBCASoft also intends to utilize IBM’s blockchain platform to provide transparent technology and back numerous cloud ecosystems. Vice President & Partner for Blockchain, IBM Telecommunications Services Utpal Mangla explained the benefits of cross-carrier payment facility:
“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.”
Samsung Pay, the mobile payment subsidiary of South Korean consumer electronics company Samsung, collaborated with payments platform Finablr, which is enrolled with RippleNet, to provide trans-border payments facility, dubbed “Money Transfer” to its app users.