Blockchain News

IBM, TBCASoft & SoftBank form Consortium To Enable Blockchain Mobile Payments

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On October 22, Blockchain platform TBCASoft, technology giant IBM and telecommunications company SoftBank, made announcement of an upcoming collaboration to adopt a “cross carrier telecommunications blockchain payment solution.” The collaboration would enable the carriers to apply blockchain technology through the consortium launched by TBCASoft and SoftBank called the Carrier Blockchain Study Group (CBSG).

The CBCG aims to use its network to introduce the Cross-Carrier Payment System (CCPS) and make complete utilisation of this network that would allow the use of phones for payments with local merchants, even abroad. All this would be possible only by a user of the mobile services which can be used to connect with the payment merchants.TBCASoft had already formed a cross carrier blockchain which included 18 participants. Ling Wu the CEO and founder of the company has pointed out:

“As the global pioneer of cross-carrier blockchain solutions, we have been working closely with leading telecommunication carries 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.”

Therefore this partnership is intended to be a very strategic one as it has the potential to bring about a significant change in the way telecommunication is perceived and would transform the industry through the application of blockchain. The collaboration would allow the leveraging of blockchain technology through carriers like the CBSG and the consortium network has been created in a manner that it would support and enable many uses specific to this industry like cross border payments, digital identity, telecom supply chain also in turn generating opportunities for the members of the industry.

One of the major functions of TBCASoft blockchain technology is that it enables the optimisation of transaction records and clearance among different telecom carriers also known as Over-The-Top (OTT) payment solutions. Here CCPS comes in with an advantage of its own as it allows interoperability across various OTT payment networks which makes availibility of merchant networks to telecom carrier subscribers very convenient and smooth. The vice-president and partner for Blockchain of IBM Telecommunications Services, Utpal Mangla has remarked ,:

“As telecommunication networks evolve and we move into 5G era, carriers will help transform into digital service providers and provide consistent customer experiences across multiple platforms. Leveraging a telecommunication 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.”

The distinguishing feature of of CCPS is the fact that it brings various OTT payments network on a blockchain which significantly brings down the entry requirements for merchant networks and mobile carriers and IBM would help strategising in the scaling of the network. IBM has also been involved with other consortiums and blockchain projects and users would decide eventually whether this would indeed revolutionise the world of telecommunication.

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