A global conglomerate of tech companies has created a consortium group that intends to accommodate the adoption of blockchain technology within the world of telecoms. The Carrier Blockchain study group will become the first venture by telecom carriers to invest or partake in blockchain technology and innovations.
The multinational telecoms firms under the umbrella organization consist of Softbank (JAPAN), Etisalat Group (UAE), Telefonica (Spain), PLDT Inc (Philippines), KT Corporation (South Korea) and LG Uplus Corp (South Korea). The corporations have mutually agreed to explore how the blockchain technology can be used to build a next-generation cross-carrier blockchain network. Initially, the consortium was the results of efforts of SoftBank and U.S mobile carrier Sprint, with the idea launch back in 2017 meant for telecom carriers to explore the possibilities of the blockchain. The idea was also supported by several other firms which became its first members: Far EastTone Telecommunications Co (Taiwan), and TBSCASoft (USA)
Vice President of LG Uplus, Wonseok Cho attests to the organization's goal through his statement on the purpose of the CBSG.
“The establishment of blockchain between carriers can provide differentiated services through the Blockchain’s advantages that include transparency, security, and real-time transactions. As part of the project, LG UPlus will continue to cooperate with CBSG to explore the differentiated customer values.”
So far CBSG is working to provide the telecom world with personal authentication, IoT applications and other services which can incorporate the use of blockchain shortly. Their cross-carrier blockchain platform will demonstrate a mobile wallet roaming, international remittances, IoT payment and charge settlements with top-ups.
Their collaborative efforts will allow the members to work as a group to solve issues related to technology and business. Their first task at hand is to fully develop the payment product that will incorporate the use of blockchain that will make inroads for the mass communications. Much of this concept is on improving the level of safety and security of data across the mobile giants. It is common knowledge that the industry faces a massive problem regarding successful hacks and hacking attempt, and CBSG wants to eradicate this frequent problem.