The hype of blockchain is continued to rise across the wide-ranging industry. According to an official announcement of LG U and Korea Times, LG Corps plans on rivaling Ripple cross-border payment solution through its cellular division.
LG Corps, a South Korean cellular carrier owned by LG Corporation is the first of its kind to offer blockchain advancement to subscribers. According to reports, the new cross-carrier blockchain platform will be called as CCPS (Cross-carrier payment system) and is scheduled to begin from the coming year.
Consequently, the firm ties up with a global partner in Taiwan, Japan, and the United States. Carrier Blockchain Study Group (CBSG) is a global blockchain consortium of telecom carriers initiated by industrial leaders Far Eastone, TBCASoft and SoftBank.
The new system, CCPS will enable users to complete purchase transactions from payment network of one carrier to payment network of another.
In order to mark the partnership, a memorandum of understanding is signed between LG Uplus and Taiwan-based Far EasTone Telecommunication and Japanese SoftBank. Moreover, TBCASoft from the US is responsible to provide cutting-edge blockchain platform.
As soon as the service goes live, LG Uplus subscribers can easily buy things at few retailers during their travel to Taiwan and Japan. Nonetheless, subscribers using their mobile phones can have a timely solution to travel across the United States, Japan, and Taiwan.
The statement notes that;
“Customers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology. And in addition to the overseas payment solution, LG U+ will continue to develop new business opportunities with CBSG blockchain and global telecom leaders.”
CCPS seems more flexible because it runs via APIs. It streamlines the process of international payments for subscribers; prominently making payment in foreign countries where its settlement will be made in local currency.