Korean mobile carrier LGU has launched overseas payments with a blockhain-based system
South Korea’s LG UPlus, a mobile carrier in hand by the country’s fourth largest conglomerate LG house., is launching a blockchain-based cross-carrier overseas payment service, Korean Peninsula Times reports nowadays, September sixteen.
Last weekday, September thirteen, LG UPlus had signed AN MoU to develop the new service aboard 3 world partners: Taiwan-based so much EasTone Telecommunications, Japan’s SoftBank, and U.S.-based TBCASoft. Through the new service, users of 1 telecoms carrier are ready to frictionlessly complete transactions on the payment networks of another.
According to the Korean Peninsula Times, the primary trial of the LG UPlus partners’ blockchain-based cross-carrier payment system (CCPS) is slated for the start of 2019.
CCPS can reportedly deploy blockchain to modify a prompt settlement mechanism in cross-carrier services. will} mean that users can avoid fees on overseas mastercard transactions, and area unit insulated from the results of unsteady interchange rates as they're ultimately beaked through their carrier in their home currency.
For example, the service can permit LG UPlus Korean subscribers to get retail product once exploitation their cellphones in Taiwan and Japan, whereas so much EasTone users from Taiwan can relish an equivalent convenience in Korean Peninsula and Japan.
Ling Wu, founder and corporate executive of TBCASoft, told the Korean Peninsula Times that the cross-carrier payment system is that the 1st during a planned series of telecoms-specific blockchain-based solutions, noting that systems designed for “identity and authentication” area unit next.
Far EasTone, SoftBank, and TBCASoft area unit all among the initial beginning members of the Carrier Blockchain Study cluster (CBSG), a world blockchain association of medium carriers that launched in late 2017. As rumored earlier this summer, CSBG has recently disclosed the creation of a brand new blockchain working party which will specialise in world remittal services, furthermore as adding six any major world telecoms corporations to its ranks.
Just last week, Softbank disclosed a brand new proof-of-concept (PoC) in partnership with Synchronoss Technologies and TBCASoft to use CCPS to permit users to conduct peer-to-peer cash transfers globally exploitation bequest electronic messaging services like SMS and email.
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