Korean Telecom giant to Use Blockchain for Payment Service

Korean Telecom giant to use Blockchain for payment service together with Taiwan-based Far EasTone Telecommunications, Japan’s SoftBank, and U.S.-based TBCASoft.

17 September, AtoZ MarketsSouth Korean LG UPlus is the mobile carrier that is owned by the country’s fourth-largest conglomerate LG Corp. According to the latest local news reports, the entity is looking into launching a Blockchain-fueled cross-carrier overseas payment service.

Korean Telecom giant to Use Blockchain for Payment Service

Earlier last week, LG UPlus has inked a Memorandum of Understanding that aims to develop the new service together with Taiwan-based Far EasTone Telecommunications, Japan’s SoftBank, and U.S.-based TBCASoft. Thanks to the new service, users of one telecoms carrier will be able to complete transactions on the payment networks of another. 

According to local media outlets, the first testing of the LG UPlus partners’ Blockchain-based cross-carrier payment system (CCPS) is scheduled to take place at the beginning of 2019. CCPS will allegedly utilize Blockchain to allow the fast settlement mechanism in cross-carrier services. This will imply that users will be able to avoid fees on overseas credit card transactions. They will also be protected against the effects of fluctuating foreign exchange rates. This is thanks to the system’s feature that allows for billing via users’ carrier in their home country.

Carrier Blockchain Study Group

For instance, the service will also allow LG UPlus Korean subscribers to buy retail goods when using their smartphones in Japan and Taiwan. Far EasTone users from Taiwan will be able to enjoy these services in Japan and Korea. 

The founder and CEO of TBCASoft, Ling Wu, has stated that the cross-carrier payment system is the first in series of telecoms-related Blockchain-fueled solutions. He has also reportedly noted that systems that are created for “identity and authentication” are next in line.

Far EasTone, SoftBank, and TBCASoft are all are the initial founding members of the Carrier Blockchain Study Group (CBSG). The latter is a global Blockchain consortium of telecom carriers that has been established in late 2017. 

Earlier this summer, CBBG has announced the formation of a new Blockchain working group that is eyeing the focus on worldwide remittance services. The consortium also planned to add six major global telecoms to its networks.

In addition, last week, Softbank has revealed a new proof-of-concept (PoC) in an agreement with Synchronoss Technologies and TBCASoft. The partnership plans to utilize CCPS to enable users to carry out peer-to-peer money transfers worldwide via legacy messaging services. These include email and SMS.

South Korea Blockchain Training

South Korea has reportedly commenced a six-month training course that aims to transform forty-applicants into “Blockchain specialists.”

According to some of the local media outlets, the course in South Korea is aiming to boost the availability of skilled professionals in the country’s Blockchain sector. The course is resulting from a three-party partnership between the Ministry of Technology and ICT, the Korean Standards Association (KSA) and the Hong Kong-based blockchain and IoT startup Waltonchain.

It will supposedly focus on training participants for “immediate” employment after the completion in January 2019. 

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