Sunday, 17 November 2019

Du joins global blockchain consortium

Focus on advances in transparency, security and real-time transactions
du, from Emirates Integrated Telecommunications Company (EITC), has joined some of the world’s leading telecommunications firms as a member of the Carrier Blockchain Study Group (CBSG) to collaborate on the future of blockchain-based technology and innovation.

In joining the consortium, du will drive the creation of blockchain services such as Cross Carrier Payment Systems (CCPS), a blockchain-based global payment system developed by U.S. tech company TBCASoft. The CCPS blockchain service offers cross-carrier mobile payments and cross-carrier remittance through mobile wallets. This means that end-users in the UAE will be able to make direct transfers without “middlemen” or fear of manipulation, even for cross-border payments. This could also reduce the cost of charges along the payment chain.

“The CBSG Consortium has been gaining momentum because of our unique vision of a cross-carrier blockchain platform that has no reliance on crypto-currencies. We are excited to welcome du to the consortium,” said Ling Wu, Chairman of the CBSG Consortium.


Building a world of trust


du, an active enabler of blockchain services in the UAE, is looking to address pain points across industries. It is hoping to facilitate developments in data protection, security, transparency and real-time transactions.

“By joining the CBSG, our involvement with this expert consortium of industry leaders will launch the adoption of blockchain in the UAE telco sector and align us with the objectives of the UAE Blockchain Strategy 2021. This reflects our continual commitment towards creating safer, more secure networks and a refined focus towards the exploration of blockchain’s endless possibilities,” said Osman Sultan, CEO, EITC.

As part of consortium, du hopes to become an even more secure and privacy-controlled platform, with high performance and speed.

According to a July 2018 report released by ResearchandMarkets.com, rising security concerns among telcos and the ability of blockchain technology to deter fraud, could see the market cap of blockchain in telecom rise to $993 million (AED 3.6 billion) by 2023.


Long-term benefits


The collaboration of a telecommunications company with a blockchain giant not only results in cost savings through elimination of third parties, but also creates a consolidated view of transactions with reliable audit trails.

The use of blockchain technology in telecommunication could also increase the efficiency in managing identities and thus mitigate fraud.


source: ameinfo.com 
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