Korean Mobile Carrier LGU+ Launches Blockchain-Based Overseas Payment System

South Korea’s LG UPlus, a cellular provider owned by the nation’s fourth largest conglomerate LG Corp., is launching a blockchain-based cross-carrier abroad fee service, Korea Times reports at this time, September 16.

Last Thursday, September 13, LG UPlus had signed an MoU to develop the brand new service alongside three world companions: Taiwan-based Far EasTone Telecommunications, Japan’s SoftBank, and U.S.-based TBCASoft. Through the brand new service, customers of 1 telecoms provider will be capable to frictionlessly full transactions on the fee networks of one other.

According to the Korea Times, the primary trial of the LG UPlus companions’ blockchain-based cross-carrier fee system (CCPS) is slated for the start of 2019.

CCPS will reportedly deploy blockchain to allow a immediate settlement mechanism in cross-carrier providers. This will imply that customers can keep away from charges on abroad bank card transactions, and are insulated from the results of fluctuating international alternate charges as they’re finally billed by means of their provider of their residence foreign money.

For instance, the service will enable LG UPlus Korean subscribers to buy retail items when utilizing their cellphones in Taiwan and Japan, whereas Far EasTone customers from Taiwan will take pleasure in the identical comfort in Korea and Japan.

Ling Wu, founder and CEO of TBCASoft, instructed the Korea Times that the cross-carrier fee system is the primary in a deliberate sequence of telecoms-specific blockchain-based options, noting that techniques designed for “identity and authentication” are subsequent.

Far EasTone, SoftBank, and TBCASoft are all among the preliminary founding members of the Carrier Blockchain Study Group (CBSG), a world blockchain consortium of telecom carriers that launched in late 2017. As reported earlier this summer season, CSBG has just lately unveiled the creation of a brand new blockchain working group that can concentrate on world remittance providers, in addition to including six additional main world telecoms corporations to its ranks.

Just final week, Softbank unveiled a brand new proof-of-concept (PoC) in partnership with Synchronoss Technologies and TBCASoft to make use of CCPS to permit customers to conduct peer-to-peer cash transfers globally utilizing legacy messaging providers equivalent to SMS and e-mail.

Original article first appeared in https://cointelegraph.com/information/korean-mobile-carrier-lgu-launches-blockchain-based-overseas-payment-system

Leave a Reply