Carrier Blockchain Study Group announces new members
LG Uplus, Etisalat Group, KT, Telefónica and PLDT have become members of the Carrier Blockchain Study Group (CBSG) as part of an initiative to develop a blockchain platform specifically for telecom carriers.
CBSG was originally launched last September as a joint effort to develop a blockchain platform aimed at service providers. It also serves as a working group for members to resolve issues associated with technology, business and the regulations of various jurisdictions. The new members join members Japan-based SoftBank, TBCASoft, Sprint and Far EasTone.
“Blockchain is currently one of the most promising technologies across industries and organizations who are exploring its potential impact and benefit from this emerging technology that will enhance consumer services by bringing in innovative tools to improve their experience on digital platforms,” said Khalifa Al Shamsi, group chief corporate strategy and governance officer of Etisalat Group, in a statement.
“We are looking forward to collaborate with CBSG to explore possibilities to capitalize on this next-generation global cross-carrier blockchain platform and ecosystem. This collaboration is in line with our ongoing strategy of focusing on ‘driving a digital future to empower societies’ where technologies like blockchain will help drive innovation in customer experience and contribute towards the blockchain ecosystem.”
Blockchain is a technology that enables web transactions to be conducted and recorded in a decentralized, distributed way using an online ledger. Service providers have become attracted to blockchain as a means of building blockchain-based digital services and providing security in the budding IoT ecosystem. In a recent report by IBM consisting of nearly 3,000 global executives from 20 industries, approximately 76% of communications service provider (CSP) executives exploring or actively engaged with blockchain said security was an important reason to invest in the technology, while 46% saw it as an opportunity to cultivate new business models.
The new members have agreed to evaluate CBSG initial use cases in their operations using TBCASoft technology. SoftBank and Far EasTone said they are planning a mobile wallet roaming trial for Japanese and Taiwanese travelers at some point this year. The consortium said it intends the combination of these participating carriers to position itself as a leader of the blockchain initiative in the industry.
“By establishing Blockchain between carriers, we can provide differentiated services by securing transparency, security and real-time transactions of Blockchain-advantages,” VO of LG Uplus Wonseok Cho. “LG Uplus will continue to explore differentiated customer values through cooperation with CBSG.”
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