Technology giant IBM has teamed up with TBCASoft and software developer SoftBank to design a blockchain-based communication system, according to an Oct. 22 news release.
The blockchain platform will be designed to bring synergy throughout the technology industry, provide new services to communication carriers and foster innovation between organizations.
Per the agreement, TBCASoft will provide its blockchain-based technology while IBM will leverage its resources to scale the technology. Additionally, the two companies will use SoftBank's telecommunications experience to collaborate with other organizations.
IBM will launch the blockchain-based application through the CBSG Consortium, a network that is designed to allow payments to be made across borders.
"As telecommunication networks evolve and we move into the 5G era, carriers will help transform into digital service providers and provide consistent customer experiences across multiple platforms," said Utpal Mangla, vice president and partner for blockchain at IBM. "Leveraging a telecommunications blockchain network that can enable improve cross-carrier relations, cross-carrier payment can help transform the way telecom carriers transact with partners and customers to deliver innovative payment solutions."