Softbank Finishes Its Blockchain Proof of Concept Pilot For P2P Mobile Payments
Softbank Completes First Blockchain Test For Cross-Carrier Mobile Payments Platform
Softbank Corp, a Japanese telecom giant, was recently able to complete its test for a blockchain proof of concept that was created to allow P2P mobile payment transactions to happen via different carriers.
The company has affirmed that the project was developed in a partnership with TBCAsoft, a blockchain startup and with Synchronoss, a company listed on Nasdaq that has created an SMS-replacement communication protocol via a distributed network.
The New System
This new project was created to be deployed via mobile carriers in a way that it could replace traditional SMS text messaging apps with something that has more features and is more advanced. These features would include sending multimedia content, documents in many types and even voice calls. All of this would be made via carrier networks instead of specific mobile apps like Telegram or Facebook.
Softbank has also explained that the users will be able to send funds using this technology by making P2P transactions using their wallets with other people, which can be useful when traveling abroad.
Softbank VP Comments On The Announcement
Takeshi Fukuizumi, the vice president of Softbank Corp has commented on the announcement of this new product. According to him, the RCS and blockchain-based mobile payment protocol shows the value of this type of service. This, he believes, will empower merchants all over the world and help to scale some services that were only offered by big brands so far like sending pictures and documents.
This will, in the vision of the vice president, greatly empower the user as they will not need specific apps anymore. It can give the customers more flexibility when traveling and using their phones.
This effort comes about a year after Softbank, TBCASoft and some other companies formed a study group for the development of this type of technology called Carrier Blockchain Study Group. Other companies that joined this group include Sprint, a U. S. based company and FarEasTone, based in Taiwan.