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Korean LGU launches Blockchain

Korean LGU launches Blockchain

September 18, 2018 5:50 am,

South Korean LG UPLus, the country’s very own mobile carrier by LG Corp. has launched a blockchain based cross-carrier overseas payment service. Last week, LGU has signed a MoU to develop the new service developed alongside 3 global partners U.S.-based TBCASoft, Taiwan-based Far EasTone Telecommunications and Japan’s SoftBank. With the help of the new service, the users of one telecoms carrier will be able to perform frictionless transactions on the payment networks of another. The 1st trial for the cross-carrier payment service (CCPS) is going to begin in 2019.

CCPS will deploy the Blockchain to enable a prompt settlement mechanism in cross-carrier services. This will mean that the users can avoid fees for overseas credit card transactions and are insulated from the effect of fluctuating foreign exchange rates as they are ultimately billed through their carrier in their home currency.

For example, the service will allow the Korean subscribers to purchase retail goods when they use their cell phones in Taiwan or Japan, while Far EasTone users from Taiwan will enjoy the same privileges in Korea and Japan.

Ling Wu, founder, and CEO of TBCASoft told the newspaper that the cross-carrier payment services are the 1st of the planned services of telecoms-specific Blockchain based solutions and systems designed for identity and authentication are next. Carrier Blockchain Study Group is a global blockchain consortium of telecom carriers with TBCASoft, Taiwan-based Far EasTone Telecommunications and Japan’s SoftBank as members.

Recently Korean Telecom (KT) started a secure and fast implementation of Blockchain. The carrier has allowed users to login via a Blockchain ID instead of an IP address to protect against hackers spoofing attacks. Due to South Korea’s advance in technology, it may be the 1st one to support 5G on a broad scale, hence the need for commercial blockchain network.

The uncertainty may be finally ending for the cryptocurrency ecosystem. The cryptocurrency is making news and with its forecast to reach $1 trillion, KT and LGU may be very rich by the end of 2022.