Japan’s telecom giant Softbank Corp. has completed blockchain proof of concept (PoC), which enables P2P mobile payments across carriers.
Softbank said on Wednesday that the technology was developed in collaboration with blockchain startup TBCASoft and Nasdaq-listed Synchronoss. Synchronoss is an SMS alternative communication protocol that provides Rich Communication Service (RCS) in Japan.
According to the announcement, these partners have jointly created a blockchain-based PoC, especially integrating the RCS with a distributed network deployed between participating operators.
This system is deployed between mobile operators to replace traditional SMS text messaging systems with a richer feature set, such as delivering multimedia content, documents and voice call over carrier networks rather than mobile applications.
Softbank further explained that through the distribution network as a basic technology, users can send funds stored in the wallet in the RCS system from one operator to another in a point-to-point manner – a feature that is especially useful when traveling abroad.
Takeshi Fukuizumi, vice president of Softbank, commented in the announcement:
[su_pullquote]This RCS-based and blockchain-based mobile payment PoC demonstrates the value that carrier-led services can deliver. Not only do we anticipate new mobile payment services, but we also allow businesses to operate digitally, and this scale was previously only available to big brands, but we will also provide greater flexibility in terms of purchase and travel habits.[/su_pullquote]
At Softbank, TBCASoft and several major global carriers have formed a carrier blockchain research group with the goal of developing cross-operator blockchain payment services. Others who joined the alliance at the time included US operator Sprint and FarEasTone, one of the largest operators in Taiwan.
[su_quote]This article is writing on 13 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]