LG-UPlus To Launch Blockchain Based Overseas Payment Services Soon.

According to a recent news report by a local news agency ‘Korea Times,’ LG UPlus had signeda recentagreement of deed to develop the new servicein partnership with three other companies namely: Taiwan-based ‘EasTone Telecommunications’, Japan’s ‘SoftBank’, and U.S.-based ‘TBCASoft’. Through the new service, usersof a particulartelecom carrierswould be able toinstantaneously complete transactions on the payment networks of another carriers.

According to the Korean Times,the primarytrial of the LG UPlus partners’ blockchain-based cross-carrier payment system ‘CCPS’ is expected to be launched by the year 2019.

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CCPSwould bereportedly deploying blockchain toaltera prompt settlement mechanism in cross-carrier services which mean that users can avoid fees on overseasmastercardtransactions, andareinsulated fromthe consequencesofunsteadyinterchangerates asthey’reultimatelychargedthrough their carrier in their home currency.

For example, the servicewould permit LG UPlus Korean subscribersto getretailproduct through their cellphones in Taiwan and Japan,whereasfarEasTone users from Taiwancanrelishthe alike convenience inKoreaand Japan.

The founder andchief executive officerof TBCASoft ‘Ling Wu,’, told at an interview that the cross-carrier payment systemis theprimarily first planned series of telecoms-specific blockchain-based solutions, noting that systems designed for “identity and authentication”would be thenext.

Far EasTone, SoftBank, and TBCASoftareall among the initialoriginationmembers of the Carrier Blockchain StudyGroup‘CBSG’,a worldblockchainsyndicatetelecom carriers that launched earlier in the year 2017.According to a recent report released earlier this summer, CSBG has recentlydisclosedthe creation ofa new blockchainunitwhich would be targetinginternationalremittanceservices,along with adding sixadditionalmajorinternationaltelecomscompanies to its ranks.

Just last week, Softbankdiscloseda replacementproof-of-concept (PoC) in partnership with Synchronoss Technologies and TBCASoft to use CCPSto permitusers to conduct peer-to-peercashtransfers globally employing messagingserviceslike the traditionalSMS’s and email’s.