Blockchain technology specialists TBCASoft has entered a new collaboration agreement with IBM and SoftBank in a bid to transform the telecommunications industry for travellers.
The trio will introduce cross-carrier blockchain technology to provide travellers with the ability to use their chosen mobile payment app with local merchants while abroad.
Ling Wu, founder and CEO, TBCASoft, explained: “As the global pioneer of cross-carrier blockchain solutions, we have been working closely with leading telecommunication carriers in the past three years under the CBSG Consortium to drive adoption of the CCPS platform.
“As the technology provider of CCPS, we are extremely excited to see the strong momentum of the platform and how it is positioned as an important pillar of the telecommunication transformation strategy.
“We believe that this collaboration will bring greater combined values to our customers, partners, and the telecommunication industry.”
Through the agreement, TBCASoft will support the project via its technology, IBM will bring its development and implementation experience; SoftBank will provide telecommunication knowledge and become the first clientele of the product.
Together they aim to enable carriers to leverage blockchain technology through the Carrier Blockchain Study Group (CBSG) – a global consortium co-founded by TBCASoft and SoftBank.
“As telecommunication networks evolve and we move into the 5G era, carriers will help transform into digital service providers and provide consistent customer experiences across multiple platforms,” added Utpal Mangla, Vice President & Partner for Blockchain, IBM Telecommunications Services.
“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.”
The first solution to be launched by the CBSG Consortium is the Cross-Carrier Payment System (CCPS).
TBCASoft has already created a cross-carrier blockchain network that includes 18 participants, designed to support industry-specific use cases such as cross-border payments, digital identity, and telecom supply chain.
However, the new solution will be developed in conjunction with all three firms and will enables travelling mobile subscribers to use their mobile payment app with local merchants while abroad.
The product will use TBCASoft’s technology to help optimise over-the-top (OTT) payment solutions as well as provide interoperability across different networks.
SoftBank is one of the founders of the CBSG Consortium and will become the first adopter of CCPS; the Japanese telecom leader is aiming to launch the payment system in Tokyo in 2020.
Daichi Nozaki, VP & Head of SoftBank Corp. Global Business Division, said: “We are proud to contribute to this project, which utilises our expertise as the first adopter of the CCPS platform.
“We look forward to working on this ecosystem transformation initiated by the telecommunications industry, with carriers around the world united as one through blockchain technology.”