NINE major telecommunications companies across the world, including Philippine-based PLDT Inc., have formed a consortium to collaborate on developing a global cross-carrier blockchain platform and ecosystem.
The consortium, dubbed as the Carrier Blockchain Study Group (CBSG), is led by Japan’s SoftBank Corp., US-based blockchain technology company TBCASoft, Inc., US-based Sprint Corporation and Taiwan-based Far EasTone Telecommunications Co., Ltd.
In a statement on Monday, the consortium revealed its new members, namely South Korea’s LG Uplus Corp., UAE-based Etisalat Group South Korea-based KT Corporation, Spain-based Telefónica, S.A. and PLDT.
“Combining all participating carriers would put the consortium in the position to lead the blockchain initiative in the industry. With these new members, CBSG will accelerate the adoption of blockchain technology among telecom carriers and continue to expand carrier networks on a global scale,” CBSG said.
The consortium was launched in September 2017 to enable the joint development of an innovative blockchain platform designed specifically for telecom carriers.
“CBSG aims to provide telecom members and their customers various services such as secured clearing and settlement, personal authentication, IoT (Internet of Things) applications and other services using blockchain technology in the future,” it added.
Members vowed to support each other in resolving issues in technology, business and regulations of various jurisdictions.
As one of the working groups, SoftBank and Far EasTone are planning a mobile wallet roaming trial to Japanese and Taiwanese travelers this year, allowing these nationals “to make payment transactions on a mobile device when traveling outside their home countries with settlement through their home mobile carriers.”