East Asian Telecom Firms Co-Developing Blockchain Money Transfers

Asia Blockchain Review
August 1, 2019

At the recent Shanghai Mobile World Congress 2019, Ling Wu, Founder and CEO of TBCASoft, revealed that major players including Japan’s Softbank, Taiwan’s FarEasTone Telecom, and South Korea’s LG Uplus have joined together as telecommunications providers to co-develop a blockchain-powered platform to transfer money among its users.

All Eyes on Blockchain in Asia

Wu also serves as Chairman of the Carrier Blockchain Study Group (CBSG) Consortium. The CBSG Consortium was founded by TBCASoft and SoftBank to establish a cross-carrier blockchain platform with major international telecommunications companies. 

According to a report by Forkast News, Wu revealed that the CBSG is developing a system with the potential to replace the traditional SWIFT network used by banks worldwide to transfer money securely. Now, with blockchain technology, telcos are working to reduce the cost of money transfers as well as shorten the turnaround time for transactions.

Decentralized System Ensures Trust  

Wu mentioned that with much more data available to everybody, trust is a key issue that needs to be addressed going forward. With blockchain and 5G, telecommunication companies can create a network that is more secure.

The TBCASoft founder is hopeful that telecommunication firms around the world are collectively working on developing distributed ledger technology that will help them offer improved services to customers. 

“[Telecoms players] want to provide the services so more people and more blockchain application builders don’t worry about the chain, [and they can] just focus on building the application […] so we can provide a service for everyone,” Wu concluded.

Source https://forkast.news

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