LOGO_CRYPTO_SIGHT

SoftBank and TBCASoft Begin New Blockchain Identification Working Group

By Emily Rys | February 27, 2019
thecryptosight-softbank-and-tbcasoft-begin-new-blockchain-identification-working-group
SoftBank and TBCASoft Begin New Blockchain Identification Working Group

Major Japanese telecommunications player SoftBank Corp is leading a new blockchain-powered digital identification working group together with TBCASoft from the US.

According to SoftBank’s press release (Feb 26), the two companies will lead the “Identification & Authentication” Working Group under the Carrier Blockchain Study Group (CBSG) – a “global blockchain consortium of telecom carriers” founded in 2017. The working group will collaborate with CBSG Consortium members worldwide for its work.

TBCASoft has been developing a new foundation application framework called the Cross-Carrier Identification System (CCIS) that focuses on enabling identification and authentication services. TBCASoft is a startup developing a consortium-based blockchain platform specifically for the telecommunications industry.

At present, most identification systems rely on a centralized database where users must trust one centralized authority to provide accurate identification and authentication processes. As such, individuals have to disclose personal information to system providers on numerous Internet database

CCIS, on the other hand, claims to provide a blockchain-based solution operated by independent CBSG carrier members to uphold privacy and protection. CCIS leverages Zero Knowledge Proof cryptography and distributed ledger technology (DLT) for issuing, storing, and authenticating user identification, without users needing to reveal private data unnecessarily. CCIS thus frees up users from having to create multiple accounts or remember multiple passwords to protect themselves from fraud or identity theft.

SoftBank VP Takeshi Fukuizumi said, “We envision that individuals should create encrypted digital identities, instead of using and storing multiple usernames and passwords on databases here and there with various qualities of privacy protection. We have been working with TBCASoft on solving identification and authentication problems, and have an answer with CCIS. We believe that telecom operators under the CBSG Consortium will play very important roles in the global identity business.”

CBSG is led by SoftBank and TBCASoft, along with Taiwan’s Far EasTone Telecommunications and US-based Sprint Corporation, as the consortium’s founding members. CBSG aims to provide its telecom members and their customer services such as secured global digital payments, clearing and settlement, personal authentication, and IoT (Internet of Things) applications using blockchain technology.

Tags: , , , , ,

Related Articles

Comments