Korean Cellular Carrier LGU+ Launches Blockchain-Based Overseas Payment Process

South Korea’s LG UPlus, a mobile provider owned by the country’s fourth greatest conglomerate LG Corp., is launching a blockchain-dependent cross-carrier abroad payment assistance, Korea Occasions reports nowadays, September 16.

Past Thursday, September 13, LG UPlus had signed an MoU to establish the new company together with 3 world-wide companions: Taiwan-based mostly Significantly EasTone Telecommunications, Japan’s SoftBank, and U.S.-dependent TBCASoft. Via the new service, consumers of one telecoms provider will be able to frictionlessly full transactions on the payment networks of a further.

According to the Korea Times, the initial trial of the LG UPlus partners’ blockchain-based mostly cross-provider payment technique (CCPS) is slated for the beginning of 2019.

CCPS will reportedly deploy blockchain to empower a prompt settlement system in cross-carrier solutions. This will signify that consumers can avoid expenses on overseas credit history card transactions, and are insulated from the effects of fluctuating overseas exchange fees as they are in the long run billed by means of their provider in their home forex.

For case in point, the service will allow for LG UPlus Korean subscribers to invest in retail products when applying their cellphones in Taiwan and Japan, while Significantly EasTone consumers from Taiwan will enjoy the exact same ease in Korea and Japan.

Ling Wu, founder and CEO of TBCASoft, instructed the Korea Times that the cross-provider payment system is the initially in a planned series of telecoms-certain blockchain-primarily based methods, noting that devices developed for “identity and authentication” are subsequent.

Significantly EasTone, SoftBank, and TBCASoft are all among the the first founding associates of the Provider Blockchain Study Group (CBSG), a world blockchain consortium of telecom carriers that launched in late 2017. As reported previously this summer months, CSBG has recently unveiled the creation of a new blockchain operating group that will emphasis on world wide remittance products and services, as properly as including 6 more key global telecoms corporations to its ranks.

Just past week, Softbank unveiled a new evidence-of-idea (PoC) in partnership with Synchronoss Technologies and TBCASoft to use CCPS to allow users to perform peer-to-peer income transfers globally applying legacy messaging services these types of as SMS and electronic mail.

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