du, from Emirates Integrated Telecommunications Company (EITC), has joined some of the world's leading telecommunications firms as a member of the Carrier Blockchain Study Group (CBSG) to collaborate on the future of blockchain-based technology and innovation.
In joining the consortium, du will drive the creation of blockchain services such as Cross Carrier Payment Systems (CCPS), a blockchain-based global payment system developed by U.S. tech company TBCASoft. The CCPS blockchain service offers cross-carrier mobile payments and cross-carrier remittance through mobile wallets. This means that end-users in the UAE will be able to make direct transfers without "middlemen" or fear of manipulation, even for cross-border payments. This could also reduce the cost of charges along the payment chain.
“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, Chairman of the CBSG Consortium.
Building a world of trust
du, an active enabler of blockchain services in the UAE, is looking to address pain points across industries. It is hoping to facilitate developments in data protection, security, transparency and real-time transactions through its blockchain strategy.
"With embedded, automatically deployed distributed databases, full secure communications and standard flow for a minimal list of trading operations, blockchain technology opens the possibility for safe and approved solutions for online marketplaces and accounting systems for any digital identities. Thousands of successful implementations of blockchain based informational systems around the world show us the direction of this new mindset—your safety now strongly depends on your collaboration model," said Loukas Tzitzis, Chief Products and Marketing Officer at Nexign.
As part of the consortium, du hopes to become an even more secure and privacy-controlled platform, with high performance and speed.
"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.
The collaboration of a telecommunications company with a blockchain giant not only creates a consolidated view of transactions with reliable audit trails but also results in cost savings through the elimination of third parties.
"The biggest impact to direct cost optimization will be the replacement of custom developed solution for marketplaces, retail services, accounting, settlement, and other similar purposes. You can cut all expenses for DB licenses, security support, and communication among nodes in a distributed landscape. it is similar to how relational DBs have appeared: you do not care about the file system operations but rather get the ability to focus on business transactions," Loukas Tzitzis said.
"The best approach to achieve financial results is good isolation between blockchain network operations and your application entities. If you can split instances and support services, your achievements is transparent," he added.
According to a July 2018 report released by ResearchandMarkets.com, rising security concerns among telcos and the ability of blockchain technology to deter fraud could see the market cap of blockchain in telecom rise to $993 million (AED 3.6 billion) by 2023.