SoftBank, Biggest Shareholder in Uber, Tests Blockchain Payment Service with TBCASoft and RCS
Uber’s Largest Shareholder Projects a Blockchain For Mobile Cross-Carrier Payments
Some tech companies including SoftBank, which is the largest shareholder of Uber, have recently tried a new payment service that uses the blockchain technology. This is a partnership of the Japanese SoftBank Corp. with Synchronoss Technologies, an IOT messaging provider. The companies have reunited with TBCASoft Inc. for the project.
The service will use TBCASoft’s blockchain platform and will also have Rich Communication Services (RCS) as the global messaging standard of the platform.
SoftBank and TBCASoft already have a partnership to develop an SMS and RCS system that was launched earlier this year. At the moment, the companies already have the proof of concept of the product and they will enable the users to purchase things directly from their devices or via mobile. You can, for instance, travel from Japan to the United States and you can buy things in USD using the system.
This technology and its API will allow the clients to use legacy messaging services via their email or SMS for receiving P2P financial transfers that can be done from overseas.
According to Takeshi Fukuizumi, vice president of Softbank, RCS and blockchain-based mobile payments are very important services that will let the clients use new important features and will also empower merchants worldwide with a scale of services that was only available for big brands before.
RCS Messassing To Impact Commerce
The creators of the product believe that this can be a way to use cutting-edge technology to disrupt the current messaging services with more effective ones and create new opportunities for companies, brands and customers alike.
Glenn Lurie, the CEO and president of Synchronoss, affirms that the app will have many features and that the merchants will be able to interact with the clients. Ling Wu, founder and CEO of TBCASoft, also noted that communication service providers are looking for blockchain technology to use new features and improve the products that they are offering.
The blockchain can be used in personal authentication, IoT apps, clearing and settlement.
Wu also affirms that, in today’s economy, the blockchain will help this service to extend globally and to be established further away from the original territory in which these products were created.