du, from Emirates Integrated Telecommunications Company (EITC), is set to work alongside some of the world’s multinational telco firms as a member of the Carrier Blockchain Study Group (CBSG) – a global consortium of leading telcos constructing the next-generation of blockchain technology and innovations.
In joining the CBSG, du will become a key part of the first worldwide telecom carriers’ blockchain consortium and will drive the creation of blockchain-enabled services, such as Cross-Carrier Payment Systems (CCPS) – a blockchain-based global payment system developed by TBCASoft, a U.S.-based blockchain technology company as well as a founding member of the CBSG Consortium.
The CCPS is one of the key solutions developed by TBCASoft. It offers streamlined cross-carrier mobile payments and cross-carrier remittance through mobile wallets to end users.
In the UAE, this will mean that direct transfers can occur instantly without “middlemen” or a fear of manipulation, even for cross-border payments. This will also reduce the cost of the charges along the payment chain.
“The advantages of blockchain are becoming widespread throughout the world and unlocking the potential of this technology is essential towards empowering individual users and creating new value within the UAE’s enterprise community. 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 an active enabler of blockchain solutions in the UAE, du will build upon its capabilities by facilitating developments in transparency, security, real-time transactions, and data protection to address pain points across industries and to leverage blockchain solutions for its customers.
“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, Founder and CEO of TBCASoft. Wu is also Chairman of the CBSG Consortium.