SoftBank Partners with TBCASoft in Effort to Lead Study Group on Blockchain-Based ID Options
SoftBank is a telecom company in Japan, and they have recently started exploring their own way of using blockchain technology to service their needs and the needs of customers.
In an annoucement on Tuesday, SoftBank revealed that they have formed a partnership with a blockchain startup in the United States named TBCASoft. The partnership will allow the two entities to develop a working group to study the implementation of a blockchain-based ID and authentication services.
The working group, aptly named the Carrier and Blockchain Study Group (CBSG) will employ the application framework from TBCASoft, along with the Cross-Carrier Identification System (CCIS). These integrations for SoftBank will make it easier to provide the services.
The CCIS system from TBCASoft employs zero-knowledge proof (ZKP) cryptography and distributed ledger technology, which allow the user’s identification to be issued, stored, and authenticated safely and securely.
Much of the reason that SoftBank is taking on this concern is due to the problems that the currency ID and verification services have, like the fact that users are forced to trust a centralized system with some of their most personal identifying information.
Furthermore, users that hold their own identification data often need to disclose their personal details to multiple entities on an as-needed basis, leaving it potentially exposed in multiple databases online. The company states that the implementation of the CCIS system can offer
“freedom from creating multiple accounts and remembering countless passwords to protect their personal information from identity theft.”
Elaborating on the concept, vice president Takeshi Fukuizumi of SoftBank said,
“We envision that individuals should create encrypted digital identities, instead of using and storing multiple usernames and passwords on databases here and there with various qualities of privacy protection. We have been working with TBCASoft on solving identification and authentication problems and have an answer with CCIS.”
Ling Wu, the founder and CEO for TBCASoft, as well as the co-chairman of the CBSG Consortium, commented on the matter as well, adding,
“After the success of the Cross-Carrier-Payment System (CCPS), CCIS is another important foundation application framework that TBCASoft has been developing for CBSG Consortium members. CCIS is a global platform that protects individuals’ identities from fraudulent activities with telecom carrier-grade reliability. TBCASoft is committed to working with telecom carriers to provide comprehensive and cost-effective blockchain-based identification and transaction services to businesses and individuals around the globe.”
The partnership between TBCASoft and SoftBank is looking to collaborate with other telecom operators to further the initiative of the CBSG consortium. This consortium was originally launched in September 2017, including big names like Sprint and FarEasTone. Blockchain systems had already been successfully tested for mobile payments and prepaid phone top ups with different carriers.
Both SoftBank and TBCASoft have also worked Synchronoss Technologies in an effort to complete a proof-of-concept blockchain project, which makes it possible to submit P2P mobile payments through various carriers.