- The partnership will aim at developing new technologies to make local payments using a smartphone.
- SoftBank is also planning to open a payment system in Tokyo by 2020.
SoftBank has recently announced that it will collaborate with IBM and blockchain startup TBCASoft to develop cross-carrier blockchain solutions. They will aim at developing new technologies that will allow users to make local payments using a smartphone while traveling overseas and roaming. They will carry out applications under the Carrier Blockchain Study Group Consortium.
Created in 2016, TBCASoft has received funding from SoftBank. It also allied with SoftBank, Sprint and Taiwan’s FarEasTone to form the Carrier Blockchain Study Group (CBSG) in 2017. Currently, it is an 18- member consortium that will work at developing blockchain solutions for phone companies. Other members of the consortium include Korea’s LG U+ and KT, Malaysia’s Axiata, Telekomunikasi Indonesia International, Turkey’s Turkcell and PLDT of the Philippines.
SoftBank stated that the first project CBSG will undertake is the Cross-Carrier Payment System (CCPS). Further details regarding the terms of the agreement between the three companies have not been given out. However, the announcement noted that TBCASoft will utilize IBM Blockchain Platform, IBM’s Hyperledger-powered enterprise blockchain solution. An IBM spokesperson said through an e-mail:
“This is a business relationship. IBM is not joining the consortium.”
According to the announcement, TBCASoft will optimize clearing between different carriers and transaction records. It will also facilitate the interoperability of mobile networks and the bolting of networks of merchants to enable payments.
SoftBank is planning to open a payment system in Tokyo by 2020. SoftBank also completed a blockchain proof-of-concept in partnership with TBCASoft last year. This would facilitate peer-to-peer mobile payments across different carriers.
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