In today’s digital currency news, we are covering the move by the Japanese multinational holding conglomerate SoftBank Corp. and the American telecoms-focused blockchain firm named TBCASoft which are both leading a new blockchain-based digital identification study group that is under the umbrella of the Carrier Blockchain Study Group (CBSG).
According to an official announcement from a press release that was published by SoftBank, CBSG and the conglomerate are both trying to push greater adoption of the technology in the industry. Alongside them, the organization will also introduce the Taiwan-based telecosm carrier Far EasTone and the US-based telecoms firm Sprint among its founding members.
The new working group will initially focus on a new foundation application framework called CrossCarrier Identification System (CCIS) which will be developed by TBCASoft.
The press release also outlines that legacy identification systems demand that users trust a central authority with the safeguarding and circulation of their personal data (usernames and passwords). Instead of trusting a centralized entity, blockchain technology will be used in this case to disintermediate the verification process and protect users against identity theft and other fraudulent activities.
The vice president at SoftBank showed his enthusiasm for the new project, stating:
“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.”
Meanwhile, CBSG has pursued a cross-carrier agenda with major telecom companies from South Korea, Vietnam, Taiwan and other countries which joined the consortium in July 2018.
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