South Korea’s Electronic Conglomerate giant, LG, is all set to explore Blockchain through its Telecom wing, LG Uplus. LG Uplus is a cellular carrier owned by LG corporation, South Korea’sfourth-largestt conglomerate and parent company of LG Electronics.
As per reports, LG Uplus is launching an overseas payment service based on Blockchain technology. This initiative is part of a trial effort by the South Korean company, where it will work with partners in Japan, Taiwan and the U.S. Users of three mobile services will be able to avail cheaper services and faster payments while on overseas travel.
The system is based on a blockchain cross-carrier payment platform provided by project partner TBCASoft, based in the U.S.
Additionally, a memorandum of understanding (MoU) was signed between LG Uplus and two other carriers; Taiwan’s Far EasTone Telecommunications and Japan’s SoftBank, for the purposes of working together on the trial.
The trial has been slated to launch early in 2019, according to the Korea Times.
As per the trial effort, LG Uplus subscribers will be able to make purchases at select retailers using their cellphones while travelling to Taiwan and Japan. Additionally, users of Far EasTone and SoftBank will be able to shop using cellphone payments while traveling in Taiwan and Japan.
This initiative is aimed at helping users avoid costly international transactions, and speeding up payment processes. Users will pay the service bills for transactions through carriers in their home countries, through their national flat currency via their mobile bills.
Risks associated with fluctuations in Foreign Exchange Rates can be reduced, as stated by TBCASoft.
TBCASoft, Far EasTone and SoftBank are founding members of a Blockchain consortium of mobile carriers called the Carrier Blockchain Study Group (CBSG). This groups aims at joint development of blockchain services for the cellular carrier industry.
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