SoftBank and US-based firm offering blockchain technology for telecoms TBCASoft, have partnered up to create a working group under the global blockchain consortium of telecom carriers, Carrier Blockchain Study Group (CBSG). The development was announced in a press release by SoftBank on February 26.
Besides SoftBank and TBCASoft, the organization includes founding members like the U.S.-based telecom firm Sprint and Taiwan-based Far EasTone Telecommunications.
With this latest announcement from SoftBank, the bank aspires to use TBCASoft’s application framework called the Cross Carrier Identification System (CCIS), to enable blockchain-based identification and authorization services.
The press release outlines the ongoing problems of users, where they have to place their trust in centralized authority and reveal their personal information to entities which are stored on different databases.
It further explains that CCIS utilizes zero-knowledge proof cryptography and distributed ledger technology (DLT) which enables issuing, storing and authentication of users’ identification without having to disclose any private information.
The press release stated that CCIS offers individuals an exemption from creating numerous accounts and the number of passwords one has to remember in order to safeguard their personal information. The release added, “Via CCIS, businesses and individuals can share and verify encrypted digital identities without disclosing confidential or private information.”
Takeshi Fukuizumi, Vice President of SoftBank said, “We envision that individuals should create encrypted digital identities, instead of using and storing multiple usernames and passwords on databases here and there with various qualities of privacy protection.”
TBCASoft CEO and Founder, Ling Wu was also quoted saying that,
“TBCASoft is committed to working with telecom carriers to provide comprehensive and cost-effective blockchain-based identification and transaction services to businesses and individuals around the globe.”
With that being said, the CBSG consortium’s aim is to facilitate the telecom members and their customers with services like reliable clearing and settlement, Internet of Things applications, personal authentication and other services utilizing the blockchain tech.
In September 2018, SoftBank and TBCASoft along with Synchronoss Technologies, an innovator of cloud, messaging and IoT products, collaborated to complete Proof of Concept that allows peer-to-peer mobile and digital purchases directly from their devices.