Japanese Multinational Holding SoftBank Announces Blockchain ID Working Group

1 min
Japanese Multinational Holding SoftBank Announces Blockchain ID Working Group
Japanese multinational holding conglomerate SoftBank Corp. and American telecoms-focused blockchain firm TBCASoft are to lead a new blockchain-based digital identification study group under the canopy of the Carrier Blockchain Study Group (CBSG). The development was announced in a SoftBank press release on Feb. 26.
As previously reported, CBSG — a global blockchain consortium of telecom carriers — was founded in September 2017, in a bid to push greater adoption of the technology in the industry. Alongside Softbank and TBCASoft, the organization counts Taiwan-based telecoms carrier Far EasTone and U.S.-based telecoms firm Sprint as founding members.
Today’s announcement reveals that the new working group, devoted to blockchain-based identification and authentication solutions, will initially focus on a new foundation application framework called CrossCarrier Identification System (CCIS), developed by TBCASoft.
As the press release outlines, legacy identification systems demand that users trust a central authority with the safeguarding and circulation of their personal data, such as passwords and usernames. Rather than vesting trust in a centralized entity, CCIS uses blockchain technology and zero-knowledge proof cryptography to both disintermediate the verification process and better protect users against identity theft and other fraudulent activities.

Other news

More news
You only need to enter your email and password, no additional data. Instant registration.