SoftBank Corp., a Japanese multinational holding conglomerate, has partnered with American telecoms-focused blockchain firm TBCASoft on a new blockchain project. According to a February 26 press release from SoftBank, the two companies will lead a new blockchain-based digital identification study group under the canopy of the Carrier Blockchain Study Group (CBSG).
Founded in 2017, the Carrier Blockchain Study Group is a global blockchain consortium of telecom carriers. It was created in a bid to push greater adoption of the technology in the industry and counts Taiwan-based telecoms carrier Far EasTone and U.S.-based telecoms firm Sprint as founding members.
The new working group will be devoted to blockchain-based identification and authentication solutions, the company sad in its announcement, adding that it will initially focus on a new foundation application framework called CrossCarrier Identification System (CCIS), developed by TBCASoft.
Users are required to trust a central authority with the safeguarding and circulation of their personal data such as passwords and usernames. Instead of vesting trust in a centralized entity like traditional legacy identification systems, CCIS uses blockchain technology and zero-knowledge proof cryptography to protect users against identity theft and other fraudulent activities.
Multiple independent CSBG carrier members will be tasked with implementing CCIS. The implementation process will be done ” under a CCIS Cross-Carrier Consensus with carrier-grade reliability,” the company said.
“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,” Takeshi Fukuizumi, vice president of SoftBank said in the company’s press release.