Korean mobile carrier LG U-plus has joined a number of partners in the United States and Japan to offer an overseas payment platform that will be based on blockchain.
The service will begin a trial run next year and this will be in a collaboration with other mobile carriers using a cross-carrier blockchain platform called the cross-carrier payment system. This system will allow customers of one network make payments using the network of a partner carrier.
This service will be the first of its kind in Korea.
This service will be done in conjunction with a number of networks. Korean mobile carrier LG U-Plus will be working with Taiwanese EasTone telecommunications and Japanese SoftBank. US-based TBCAsoft will be responsible for providing the blockchain technology to be used.
When customers of LU U-plus visit countries like Taiwan and Japan, they will be able to make purchases using their phones.
This service goes both ways as EasTone customers will enjoy a similar service when they visit Korea. The purchases will be billed in the customers’ local currency thanks to the carrier billing feature.
This feature doesn’t only make payment and purchases easier but also helps users avoid oversees credit card transaction billings. They can also avoid the various added expenses associated with fluctuation in the worldwide exchange rate.
Blockchain and Telecoms
As the applications of blockchain technology are continuously expanded upon, one very interesting one is its use in telecommunications which has been heavily explored in recent years.
Far EasTone, SoftBank and TBCASoft came together to form the carrier Blockchain Study Group which aims to expand the study and use of blockchain technology in telecommunications in 2017.
LG U-plus, which is Korea’s third-largest mobile carrier, joined the group only this year but has already announced a new service.
“Customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology,” said Joo Young-Joon, director of the mobile service unit at LG Uplus. “And in addition to the overseas payment solution, LG Uplus will continue to develop new business opportunities with CBSG blockchain and global telecom leaders.”
Alliances like the Carrier Blockchain Study Group have helped move forward the progress of blockchain technology in modern times, with projects like this one show just how fast research is progressing.
Ling Wu, founder and CEO of TBCASoft concluded,
“As the CBSG Consortium grows faster than expected, we are entering a new stage of launching real-world trials that demonstrate the commercial readiness of the TBCASoft blockchain platform.”