Blockchain for over-the-top payment systems
The first application to launch under the cooperation will be the Cross-Carrier Payment System, a service that will let mobile subscribers traveling overseas pay local merchants in their home currency, by using a mobile payment app. The records will be shared on a blockchain network, where blocks of information are linked using cryptography. This will ensure security by showing the executed transactions in a verifiable proof of events and clearing deals between different telecom carriers, referred to as over-the-top (OTT) payment systems. Basically, the system will establish a network of merchants available to telecom subscribers.
Under the agreement, TBCASoft will contribute its know-how and systems, IBM it's blockchain technology, experience in integrating and scaling blockchain networks, and software, and SoftBank its telecommunications expertise. Terms and details of the definitive agreement will be finalized over the coming months.
The TBCASoft cross-carrier blockchain network already includes 18 participants. The network is designed to support industry-specific use cases including cross-border payments, digital identity, and telecom supply chain, leading to substantial opportunities for industry members.
Uses Zero-Knowledge Proof cryptography and Distributed Ledger Technology (DLT)
Liberates individuals from managing multiple accounts and passwords protecting against identity theft.
CCPS (Cross-Carrier Payment System) is a Cross-Carrier Blockchain Network, which enables P2P remittance and mobile payments for Users/Merchants networks globally
