SoftBank Corp, IBM, and TBCASoft have joined forces to adopt a cross-carrier telecommunications blockchain payment solution, as per the official announcement dated October 22, 2019. The strategic collaboration between these three firms will support the telecommunication industry’s transformation.
In this planned partnership, IBM would be bringing in their blockchain technology along with the experience in scaling and integrating blockchain networks, SoftBank would lend their expertise in telecommunications, and TBCASoft would bring their technology and solutions.
According to the announcement, the collaboration is aimed at facilitating carriers to utilize blockchain via the CBSG (Carrier Blockchain Study Group) Consortium. The Consortium is established by SoftBank and TBCASoft. It was also revealed that TBCASoft has already developed a cross-carrier blockchain network which includes as many as 18 participants.
The CBSG Consortium has plans in place to unveil its 1st application—the CCPS (Cross-Carrier Payment System) that is directed to let mobile subscribers make use of the payment application on their mobile when they are abroad and have to transact with the local merchants. The CCPS would offer interoperability features across various over-the-top payment networks, instantly making established merchant networks available to the telecom subscribers.
SoftBank is the 1st entity to have adopted CCPS. In fact, it aims to unveil the payments system next year in Tokyo.
On this new development, TBCASoft’s Founder-CEO, Ling Wu, stated that they believe this partnership would bring along greater combined values to their partners, customers, and the telecom industry. Wu also shared that as cross-carrier blockchain solutions’ global pioneer, they’ve been closely working with prominent telecommunication carriers for the last three years under the Consortium for driving CCPS platform adoption.
Utpal Mangla, IBM Telecommunications Services’ VP & Blockchain Partner, said that the cross-carrier payment could help in transforming the way transactions take place between the telecom carriers, customers, and partners for delivering innovative payments solutions, leveraging the telecommunication blockchain network.