PLDT joins US, Japan telcos in blockchain network

PLDT Inc. has joined a consortium of telco service providers seeking to build a global blockchain ecosystem.

Blockchain is a decentralized, digital ledger technology used to record transactions of cryptocurrencies such as bitcoin.

In a statement, PLDT said it joined the Carrier Blockchain Study Group (CBSG), the global blockchain consortium of telecom carriers led by Japan’s Softbank Corp, US-based Sprint Corp., Taiwan-based Far EasTone Telecommunications Co., Ltd. and tech firm TBCASoft. Other members include South Korea-based LG Uplus Corp. and KT Corp., United Arab Emirates-based Etisalat Group and Spain-based Telefónica S.A.

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

“Blockchain is currently one of the most promising technologies across industries and organizations who are exploring its potential impact and benefit from this emerging technology that will enhance consumer services by bringing in innovative tools to improve their experience on digital platforms,” Khalifa Al Shamsi, group chief corporate strategy and governance officer of Etisalat, said in the statement.

CBSG claims to have shown early success in mobile wallet roaming, international remittances, IoT payments and roaming charge settlements on a cross-carrier blockchain payment platform.

“CBSG also functions as a working group … to resolve issues related to tech, business and the regulations of various jurisdictions,” it said.