PLDT joins global consortium on blockchain technology

MANILA, Philippines — PLDT Inc. and four other telcos are joining a global consortium of carriers which will build a next-generation global cross-carrier blockchain platform and ecosystem.

The move is expected to allow PLDT to provide offerings, relevant particularly to overseas customers who send money to their family and loved ones at home.

In a statement yesterday, the Carrier Blockchain Study Group (CBSG) said PLDT, along with South Korean firms LG Uplus Corp. and KT Corp., as well as United Arab Emirates-based Etisalat Group and Spain-based Telefónica, S.A. have agreed to jointly explore how to collaborate on building a next-generation global cross-carrier blockchain platform and ecosystem.

Launched in September last year, CBSG is led by Japan-based SoftBank Corp., US-based blockchain technology company TBCASoft Inc., US-based Sprint Corp. and Taiwan-based Far EasTone Telecommunications Co., Ltd.

The consortium seeks to undertake joint development of an innovative blockchain platform designed specifically for telecom carriers.

Through the initiative, CBSG aims to provide telecom members and their customers various services such as secured clearing and settlement, personal authentication, IoT (internet of things) applications and other services using blockchain technology in the future.

CBSG, which promotes research and development, has undertaken successful demonstration of mobile wallet roaming, international remittances, IoT payments and roaming charge settlements on a cross-carrier blockchain payment platform.

It also functions as a working group for members to resolve issues related to technology, business and the regulations of various jurisdictions.

As one of working groups, SoftBank and Far EasTone are planning a mobile wallet roaming trial to Japanese and Taiwanese travelers this year.

Other carriers LG Uplus, Etisalat and KT, meanwhile, have agreed to look at CBSG initial use cases with TBCASoft technology.

With the participation of PLDT and other new members, CBSG will be able to accelerate the adoption of blockchain technology among telcos and push for its expansion.

Kat Luna-Abelarde, PLDT first vice president and head of international and carrier business and PLDT Global Corp., said the use of blockchain technology would allow the company to provide various services to overseas customers.

“An innovative blockchain technology in the future that could offer various first-rate services would be beneficial to PLDT’s overseas customers, making it more secure, convenient, and hassle-free for them to send remittances and conduct other transactions, as they connect with their families and friends in the Philippines and around the world,” Abelarde said.