Carrier Blockchain Study Group (CBSG) announced on Friday that five multinational telecoms companies have joined the consortium in a bid to build a next-gen global cross-carrier blockchain platform and ecosystem.
The new additions to the group are UAE-based Etisalat, Spain-based Telefónica, Philippine-based PLDT, South Korea based KT Corporation and LG Uplus Corporation-a subsidiary of LG.
The blockchain consortium is the brainchild of Japan’s telecom giant Softbank and lists its leading members as TBCASoft, Inc (USA), Sprint Corporation (USA), Far EasTone Telecommunications (Taiwan).
Founded in September 2017, the global blockchain consortium of telecom carriers is building an innovative blockchain platform specifically for telecom carriers. Its goal is to ensure member companies have access to advanced services via blockchain. Each new addition brings the group closer to this goal.
The statement released on Softbank’s website quoted vice president of LG Uplus, Wonseok Cho. He said, “By establishing blockchain between carriers, we can provide differentiated services by securing transparency, security and real-time transactions.”
Khalifa Al Shamsi, Group Chief Corporate Strategy and Governance Officer of Etisalat Group also noted that blockchain “would enhance consumer services by bringing in innovative tools to improve their experience on digital platforms.”
Secured clearing and settlement, personal authentication, and IoT were listed as areas where member firms would benefit in the future.