Softbank, IBM, and TBCASoft Launch a Mobile Payment Blockchain

After agreeing to ban Facebook’s Libra cryptocurrency, Germany is now doubling down on its plan to stop parallel currencies. Germans recently passed a strategy that touches blockchain and cryptocurrency comprehensively and vows against parallel financial systems initiated by corporations. Berlin buckles up for the fight German chancellor Angela Merkel and her cabinet passed a comprehensive blockchain strategy on Wednesday. The government believes that the economy should make use of digital transformations but must also be aware of the risks arising out of these technologies. Finance minister Olaf Scholz said that blockchain technology could become the basis for the internet of the future. He also said, “We want to be at the forefront and further strengthen Germany as a leading technology location. At the same time, we must protect consumers and state sovereignty. A core element of state sovereignty is the issuing of a currency, we will not leave this task to private companies.” The government also wants to work in close cooperation with its European and global peers to ensure that stablecoins don’t end up becoming alternative currencies. Berlin will also focus on its dialogue with German central bank, Bundesbank, to talk about a digitized version of the central bank currency and the possible risks of such coins. Germany’s move is a threat to Facebook The German government has a holistic plan to tackle growing issues with digital currencies. However, it plans on introducing electronic bonds in the domestic market that will be issued on blockchains. The government, alongside France, has already pledged to ban Libra. The French authorities have also adopted a highly critical stance on Facebook’s Libra, and they are also looking forward to launching a digitized legal tender of their own. Meanwhile, the European Central Bank is also looking forward to the creation of a public digital currency, backed by central banks, that would eliminate the need for Libra. Francois Villeroy de Galhau, a member of the ECB board, said that Libra highlighted the gaps in European regulations and said that the company would be treated with a tough approach. This would create further regulatory and operational hurdles for the American social media giant that aims to leverage its 2+ billion userbase to launch a new digital currency. Libra will be a stablecoin backed by government securities, but with European countries launching their own government-backed stablecoins, it will face stiff competition in the market.

Yesterday, Softbank, TBCASoft, and IBM announced they are partnering to integrate a telecommunication blockchain payment model in their network.

According to the press release, the collaboration will permit carriers to use the blockchain across the blockchain Consortium (CBSG).    Already, 18 participants in the TBCASoft are allowed to use the cross-fire blockchain network.

CBSG is launching the first application, which is the integrated payment solution (CCPS).

It will provide access to mobile service users pay clients and merchants overseas through their phone, noted Ling Wu, CEO of TBCASoft.

He further reiterated that TBCASoft is having a close working relationship with top communication networks since 2016 to make it easier for carriers to adopt the CCPS portal.

He revealed that the integration would improve the services it renders to the telecommunications industry, partners, and its teeming customers.

CCPS provides the platform for telecommunications carriers to collaborate.  The move will increase the number of merchants that provide access to mobile users.

As the first network to adopt the CCPS platform, SoftBank intends to set-up its payment platform next year in Tokyo.

Once established, the Softbank network will make it easier for mobile users to have access to the CCPS platform easily.

More collaboration on the way

IBM is seeking to take advantage of its working relationship with about 80% of the leading telecom carriers.

On a similar note, TBCASoft wants to the platform that IBM provides to support multiple cloud environments and provide open-source technology for users.

According to Utpal Mangala, partner and VP of IBM telecom services for blockchain, IBM is leveraging on the blockchain network to provide better payment solutions to users.

He noted that telecom carriers would collaborate with them to provide such services and deliver innovative payment systems to customers.

Already Samsung’s mobile payment solution, Samsung Pay, is partnering with Finablr to provide a multi-level payment solution that enables quick money transfer to users of Finablr.

According to the collaboration, Softbank will offer its telecom expertise, IBM will provide blockchain technology, while TBCASoft will bring its technology and innovative solutions.

With their various contributions, they can allow carriers to take advantage of the blockchain technology to serve the end-users better.

The three firms believe that telecom carriers have the proper background to leverage the advantages of blockchain technology.

The network will provide a lot of things, including improving the telecom supply chain, supporting digital identity, cross-border payments, and creating better opportunities for industry members.

According to Daichi Nozaki, head of Softbank, the company is delighted to be part of this collaboration.

It is proud to associate with the innovative idea to use their expertise for the adoption of the CCPS platform.

He established that the company would support collaboration in many ways to transform both the blockchain technology and the telecommunications industry.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.