IBM and SoftBank partner to launch a blockchain-based payments system
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Answer IBM and SoftBank partner to launch a blockchain-based payments system
Tokyo-based SoftBank is teaming up with New York-based tech giant IBM to launch a blockchain-based payments system.
With a special focus on technologies that will enable smartphone users to make financial payments while traveling abroad and roaming.
It was completed Advertising On the partnership on October 22, SoftBank’s management stated that it will work with IBM and TBCASoft, a blockchain company that provides DLT networks to carriers to run various applications.
The company “TBCASoft” was established in 2016 and had obtained financing from “SoftBank” earlier.
TBCASoft established Blockchain Group (CBSG) in 2017 along with Taiwan’s SoftBank, Sprint and FarEasTone.
CBSG has grown to include 18 members who are currently developing blockchain-enabled solutions for mobile operators.
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SoftBank management said that the first project accepted by CBSG is the Carrier Payment System (CCPS), which allows mobile phone users to make payments from their devices while traveling abroad.
LG, Korea’s KT, Malaysia’s Axiata, Indonesia Telecomunication, Turkcell Turkey and PLDT in the Philippines are part of the CBSG group.
The announcement did not provide additional information regarding the specific terms and conditions of the agreement between the three organizations.
But it was mentioned that “TBCASoft” will use the “IBM” platform in its activities related to blockchain services.
An IBM representative stated:
This is a business relationship, IBM has not joined the group (“CBSG”).
The statement indicated that “TBCASoft” technology improves the processing process between different carriers and transaction records.
TBCASoft’s technology enables interoperability of different mobile networks and allows payments to be processed across different networks.
The partnership announcement stated that SoftBank intends to launch a payments system in Tokyo by next year 2020, coinciding with the time of the Olympic Games.
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