Three technology companies among them the biggest shareholder in Uber, SoftBank, have tested a payment platform based on the Blockchain.
The Cross Carrier Payment Service Platform
The tree companies i.e. an IoT (Internet of Things) and messaging provider Synchronoss Technologies Inc., distributed ledger technology provider TBCASoft Inc, and telecom carrier based in Japan SoftBank Corp, have come together to collaborate in the creation of a CCPS (cross-carrier payment service). The service will be based on the Blockchain platform belonging to TBCASoft and the global messaging standards of RCS (Rich Communication Services).
The partnership between TBCASoft and SoftBank has been made possible through the Carrier Blockchain Study Group. The platform, which will be contributing to the email, SMS, and RCS services by Synchronos was just launched at the beginning of the year.
Completion Of The Proof of Concept
The partners have announced the completion of the proof of concept for the platform which will allow users to buy straight from their devices whether by mobile or at the store. Through the support of Synchronos and SoftBank, a buyer who has moved from Japan to the United States will be able to make payment in US dollars through RCS. It will also be possible for payments to be made via RCS global messaging standard.
The Application Programming Interface (API) of the CCPS Blockchain will also enable a recipient to use services including mobile email and SMS to receive funds transferred by peer-to-peer (P2P) through the RCS app whether or not they are in the country.
Softbank Corp.’s vice president Takeshi Fukuizumi has said through the PoC (proof of concept) of the RCS platform has demonstrated the value that is delivered by services which are led by the operator. He added that the newly developed payment platform will empower merchants to make their business digital and operate at a level which had only been possible for mainstream brands as well as offer their clients greater flexibility in terms of traveling and purchasing.
The Impact On Commerce
The CEO and president of Synchronoss, Glenn Lurie, has said that through the PoC SoftBank has been able to prove that it is leading when it comes to bringing new technology made possible by the use of Blockchain technology and mobile services based on the RCS. Through this, it is not only disrupting the messaging and payments market as previously known but is also providing more opportunities for businesses, customers and brands and at the same time messaging operators will be able to increase their revenue streams. He added that the newly developed platform has created an interaction foundation between brands and merchants and their clients, therefore, promoting a marketplace that will be more feature based.
The founder and CEO of TBCASoft on his part made note of the fact that more service providers in communication when seeking new features and services are depending on the Blockchain technology.
Ling Wu said that through Blockchain technology, communication service providers (CPSs)have been able to come up with more services and amplify them to a global scale in a manner that is both efficient and secure.