LG To Create Cross Border Payment Solution To Rival XRP And XLM
LG are best known for manufacturing various technology appliances. From televisions to mobile phones, if itâs at the cutting edge of tech then LG have probably manufactured it so therefore, an interest in blockchain technologies and cryptocurrency was always going to be of interest to this firm.
A South Korean branch of LG, called LG Uplus, a mobile phone network provider are the first segment of LG to take a big leap onto the blockchain, through the alleged creation of a new cross border payment solution, one that is set to rival other similar solutions provided by Ripple and Stellar. From the outset, the application produced by LG Uplus will allow cross border payments to be made, seamlessly between Japan, Taiwan and the United States, allowing for low cost, efficient money transfers to be made in an instance.
According to Ethereum World News:
âIn a declaration by the Korea-based mobile carrier on Sunday, the trial service is expected to start next year, and would employ the expertise of a cross-carrier blockchain platform referred to as CCPS (cross-carrier payment system). Subscribers from other telecommunication carriers can also make cross-border purchase with the platform once available.â
Therefore, this is not a service exclusive to the customers of LG Uplus and rather, will be rolled out as an application that can be used by anyone in the countries that are supporting the product.
Joo Young-joon, the Director of the Mobile Service Unit at LG Uplus has said:
âCustomers will have the benefit of an overseas payment system based on convenient, economical and secure blockchain technology. And in addition to the overseas payment solution, LG Uplus will continue to develop new business opportunities with CBSG blockchain and global telecom leaders.â
Ling Wu, the co-chairman of the CBSG Consortium has added:
âAs the CBSG Consortium grows faster than expected, we are entering a new stage of launching real world trials that demonstrate the commercial readiness of the TBCASoft blockchain platform.â
Are LG competing with Ripple and Stellar?
Probably not. Indeed, LG may well have had their eyes set on Ripple and Stellar in order to get an idea of how a cross border payment system could work on the blockchain, but, for now it does seem that they may struggle to compete with Ripple and Stellar from the outset. LG do however have an internationally known and trusted brand, so, this could well become a product that sees a huge volume of transactions made. Even so though, itâs doubtful that LG will have developed a technology on par with Ripple or Stellar just yet, though the future is bright for LG and actually, in a few years time LG Uplus could well develop a product that could well knock Ripple and Stellar out of the park. Â
Ethereum World News