The companies have announced a new blockchain-based solution that will bring the distributed ledger technology to the telecommunications industry.

Japanese telecom services provider SoftBank, the US-based telecom firm Sprint and blockchain startup TBCASoft have teamed up to develop blockchain solutions for telecommunication carriers.

SoftBank, TBCASoft and Sprint will support and promote research and development with an aim of creating a platform for use between mobile carries. The system will be applied for different services offered by telecom carriers, including personal authentication, Internet of Things, clearing and settlement services.

The companies will begin testing TBCASoft’s blockchain platform this June by connecting it to telecommunication carriers’ systems. They will work closely to address issues related to business, regulations and technology.

TBCASoft, a Californian startup located in the center of Silicon Valley, is working on the development of innovative blockchain technology specifically for telecom services providers. Its platform allows telecommunication companies to develop innovative services under a more efficient and secure environment.

Sprint is one of the largest communications services company in the US and was the first to launch wireless 4G service. As of December 31, 2016, the carrier served more than 59 million connections.

The companies, however, are not the only telecom providers exploring the blockchain technology, which can help to reduce costs and make their services more competitive. Last year, US communications giant Verizon filed a blockchain patent designed for tracking and managing customer passcodes. In 2015, French telecom carrier, Orange, along with Visa, Nasdaq and Citi, invested in blockchain platform Chain.com.

Interest in the technology continues to grow, with numerous blockchain projects being developed by fintech startups and banks.  IBM has announced this week that it partnered with Northern Trust Corporation to create a new blockchain solution for the private equity market. The system, which was developed in partnership with other shareholders, is expected to bring greater transparency and security to the sector which involves much paper work today.

Earlier this month, three major Japan-based banks, Mizuho Capital, SMBC Venture Capital and Dai-ichi Life Insurance Company, invested in BitFlyer to foster innovation in the emerging market. BitFlyer is the largest bitcoin exchange in Japan, with its trading volume exceeding $2.81 billion in the first month of the year and client base accounting for 400,000 users.

During the recent conference on innovations in real estate markets, CEO of major Russian bank said the technology can be applied literally across all industries. The government has signed off on the creation of a special working group that is currently investigating potential blockchain use cases.

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