SoftBank Joins 'CBSG', a Cooperation Framework for Building Blockchain Platforms with Sprint and Others
Applying Blockchain to KT's Major New Businesses, Including Smart Energy, Healthcare, and Roaming

KT announced that it has joined 'CBSG (The Carrier Blockchain Study Group),' a blockchain cooperation framework among global telecommunications companies, to secure leadership in the blockchain market and gain a head start in revitalizing the ecosystem.

CBSG is a business alliance formed in September 2017, spearheaded by Japan's SoftBank, the U.S.'s Sprint and TBCASoft, and Taiwan's Far East One, to build and expand a blockchain platform dedicated to telecommunications companies. In Korea, KT and LGU+ are members.


Illustration explaining blockchain / Source: Pixabay

KT plans to strengthen its position as a leading blockchain operator in the global market by participating in CBSG and developing and launching core blockchain technologies and services that leverage the telecommunications infrastructure of each company in collaboration with global telecommunications carriers.

In particular, KT plans to apply blockchain technology to its major new businesses, such as smart energy and healthcare. In addition, we plan to develop a service that can resolve inefficiencies, such as financial and time costs or quality degradation that may occur when roaming customers travel to other countries, through blockchain technology.

Lee Mi-hyang, Senior Vice President in charge of KT's Convergence Business Promotion, stated, "The establishment of this global cooperation framework will serve as an opportunity for KT to solidify its position as a leading company in the blockchain market by researching, developing, and commercializing ways to create synergy between robust telecommunications infrastructure and blockchain together with various global telecommunications companies."

CBSG has successfully demonstrated services based on a blockchain payment platform, including mobile prepaid phone top-ups, global mobile payments (Mobile Wallet Roaming), international remittances, IoT payments, and roaming charge settlements.

Currently, working groups are being operated to resolve issues related to blockchain technology, business, and regulations. Among them, SoftBank and EastOne are preparing a blockchain-based global mobile payment integration pilot service that can be used by tourists from Japan and Taiwan when traveling to each other's countries in 2018.