Telecoms Join Forces in Blockchain Evolution
In a move that’s got everyone buzzing like a cell tower in a thunderstorm, a global consortium of telecom carriers, known as the Carrier Blockchain Study Group (CBSG), has announced the welcome addition of six major international telecom firms. This exciting news, reported by CT Japan on July 6, is shaking up the telecom landscape as we know it.
The New Working Group: A Focus on Remittance Services
That’s not all folks! CBSG has also launched a brand new blockchain working group, laser-focused on enhancing global remittance services. Remember the days of sending money internationally and waiting longer than a dial-up connection? Well, this group is determined to speed things up!
Founding Members and New Additions
Founded back in September 2017, CBSG’s founding fathers include industry heavyweights like Japan’s Softbank, Taiwan’s Far EasTone, TBCASoft, and U.S.-based Sprint. And they’ve been a busy bunch! South Korea’s LG Uplus, UAE’s Etisalat Telecommunication Corporation, and KT Corporation have since hopped on board the blockchain bandwagon. Now, announcing the latest members joining the operation, we’ve got Malaysia’s Axiata, the Philippines’ PLDT, Indonesia’s Telin, and Viettel from Vietnam.
The Newcomers: Expanding the Global Footprint
On the broader stage, Zain, which services nearly 47 million customers across the Middle East and Africa, and Turkcell, Turkey’s telecom champion, are now part of this dynamic consortium.
Insights into CBSG’s Ambitious Goals
Doan Dai Phong, the Director of Viettel International Business, has laid out some of CBSG’s grand ambitions. According to him, they aim to cover services like cell phone top-ups, roaming wallets, secured clearing and settlement, personal authentication, and even applications for the Internet of Things (IoT). Sounds like something out of a sci-fi movie, right?
Blockchain’s Role in Revolutionizing Telecom
As if that’s not enough excitement, Axiata made a strong case for the suitability of blockchain, suggesting it’s “by design […] extremely well-suited” for streamlining global telecoms. With more and more major industry players recognizing the benefits of this technology, things are bound to get interesting. Just last month, successful live testing of a blockchain proof of concept was completed by two telecom giants from Hong Kong and the U.K., paving the way for automated inter-carrier settlements.
A Glimpse into the Future
This year has proven to be pivotal, especially with Chinese telecom giant Huawei introducing its Hyperledger-fueled blockchain cloud service, while South Korea’s SK Telecom rolled out two innovative blockchain tech platforms aimed at digital asset management and Initial Coin Offerings (ICO). The future of telecom is not just connected; it’s blockchain-connected!
