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TBCASoft and SoftBank Along With IBM Announce a Blockchain for Mobile Payments
TBCASoft and SoftBank Along With IBM Announce a Blockchain for Mobile Payments
On 22nd of October, Blockchain forum, TBCASoft, and SoftBank along with Tech giant, IBM announced a partnership. And this collaboration is to establish a cross-carrier blockchain payment solution for telecom corporations.
New Cross-Carrier Blockchain Payment System
“As the global pioneer of cross-carrier blockchain solutions, we have been working closely with leading telecommunication carriers in the past 3 years under the CBSG Consortium to drive adoption of the CCPS platform. [...] We believe that this collaboration will bring greater combined values to our customers, partners, and the telecommunication industry.”
Reportedly, CCPS aims to optimize transaction records between different telecom carriers. While SoftBank is the first to develop CCPS and also intends to initiate the payment system in Tokyo by 2020. Previously, Ledger Insights noted on the adoption of CCPS by TBCASoft and SoftBank. Besides, TBCASoft intends to use the IBM blockchain platform in its product stack. IBM's blockchain platform is unique in such a way that it can be used with enormous cloud supporting systems. IBM's blockchain solution is founded on the open-source HyperLedger Fabric protocol.
Vice president and partner for blockchain, IBM Telecommunications Services, Utpal Mangla made a comment:
“Leveraging a telecommunications blockchain network that can enable improved cross-carrier relations, cross-carrier payment can help transform the way telecom carriers transact with partners and customers to deliver innovative payment solutions.”
CBS's chief developer is TBCASoft. IBM's part inclusive of strategy, supporting the network to elevate and the IBM blockchain solution.
A significant feature of CCPS is that it supports turning the existing OTT payment networks to a blockchain. This diminishes the entry requisites for the mobile carrier as well as merchants' network and helps in triggering the adoption.
More Collaborations to Come
Moreover, previously in the current year, SoftBank and TBCASoft announced the initiation of the Identification and Authentication Working Group under the leadership of two companies.
IBM is currently working on plenty of blockchain projects. It is working with CBSG member, Telefonica on a proof of concept for international mobile call billing.
Besides, another telecom Consortium, Communications Blockchain Network (CBN) is about to initiate this year. Members are inclusive of A1 Telekom, Austria, China Telecom, Colt, Deutsche Telekom, TDT, Orange, PCCW, Tata, Telefonica, Telstra, and TNZI.
Recently, Cryptoknowmics reported Samsung Pay, the mobile payment service of Samsung made a strong partnership with a payment network, Finablr which is the member of RippleNet to offer its customers a cross-border payment attribute, Money Transfer.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
