Japanese Multinational Holding SoftBank Announces Blockchain ID Working Group
Japanese international holding corporation SoftBank Corp. and American telecoms-focused blockchain company TBCASoft are to lead a brand-new blockchain-based digital identification study group under the canopy of the Carrier Blockchain Study Group (CBSG). The development was revealed in a SoftBank press release on Feb. 26.
As formerly reported, CBSG, an international blockchain consortium of telecom carriers, was founded in September 2017, in a quote to press greater adoption of the technology in the market. Alongside Softbank and TBCASoft, the company counts Taiwan-based telecoms carrier Far EasTone and U.S. based telecoms firm Sprint as charter members.
Today's statement exposes that the brand-new working group, devoted to blockchain-based recognition and authentication solutions, will initially focus on a new structure application structure called CrossCarrier Identification System (CCIS), developed by TBCASoft.
As the journalistic release lays out, legacy recognition systems require that users rely on a main authority with the securing and circulation of their individual information, such as passwords and usernames. Instead of relying on a centralized entity, CCIS uses blockchain innovation and zero-knowledge proof cryptography to both disintermediate the verification process and is a much better way to safeguard users versus identity theft and other deceitful activities.
Application of CCIS will supposedly be carried out by numerous independent CSBG provider members “under a CCIS Cross-Carrier Consensus with carrier-grade reliability.” SoftBank vice president Takeshi Fukuizumi is quoted in journal releases as stating that:
“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.”
As reported, CBSG has pursued a significant global cross-carrier program, with significant telecoms companies from South Korea, Vietnam, Taiwan, Turkey and in other places taking part in July 2018. In the long term, the consortium's objective is reportedly to produce a worldwide cross-carrier blockchain environment, which encompasses mobile top up, secured dispersal and settlement, individual authentication and Internet of Things utilisation.
Just last week, Cointelegraph reported that South Korea's biggest carrier, SK Telecom (SKT), is partnering with the world's fifth-biggest telecoms company, Germany's Deutsche Telekom, to collectively develop a blockchain-based mobile recognition option.
SoftBank Group Corp. (ソフトバンクグループ株式会社, Sofutobanku Gurūpu Kabushiki-gaisha) is a Japanese international holding conglomerate headquartered in Tokyo, Japan. The company owns stakes in Softbank Corp. [ja], Softbank Vision Fund [ja], Arm Holdings, Fortress Investment Group, Boston Dynamics, Sprint (ca. 85%), Alibaba (29.5%), Yahoo Japan (48.17%), Brightstar (87.1%), Uber (15%), Didi Chuxing (ca. 20%), Ola (ca. 30%), Grab, Renren (42.9%), InMobi (45%), Hike (25.8%), Snapdeal (ca. 30%), Brain, Fanatics (ca. 22%), Guardant Health, Improbable Worlds (ca. 50%), Mapbox, Nauto, One97 Communications (ca. 20%), Oravel Stays (42%), OSIsoft, PingAn Heath Cloud (7.41%), Plenty United, Roivant Sciences, Slack Technologies (ca. 5%), Vir Biotechnology, WeWork (ca. 22%), Zhongan Online P&C Insurance [zh] (5%), Compass (ca. 22%), Auto1 [de] (ca. 20%), Wag (45%), Katerra (ca. 28%), Cruise Automation (ca. 19.6%), Ele.me, Getaround, Packet and ParkJockey. It also runs Vision Fund, the world's biggest innovation fund.
SoftBank was founded in September 1981 as a SOFTBANK Corp. by then-24-year-old Masayoshi Son, originally as a computer parts store. They went into the publishing business in May 1982 with the launches of the Oh! PC and Oh! MZ magazines, about NEC and Sharp computers respectively. Oh!PC had a circulation of 140,000 copies by 1989. It would go on to end up being Japan's biggest publisher of computer and innovation magazines and of trade shows.