On February 19, 2020, the Carrier Blockchain Study Group (CBSG), announced that Taiwan-based Asia Pacific Telecom Co., Ltd. (APTG) and a US-based Carrier jointly completed a blockchain product, Proof-of-Business (POB) mobile payment transactions enabled by the Cross-Carrier Payment System (CCPS) platform.
The CCPS blockchain platform intends to construct the largest open-payment network enabling cross-border transactions and interoperability for mobile payment solutions worldwide.
The move by the telecommunications carrier seems to indicate that greater blockchain adoption is inevitable in the business sector.
In the first week of February 2020, information technology giant IBM also announced a wide array of new blockchain initiatives that it is planning as part of a wider effort to develop sophisticated distributed ledger technology for the business sector.
At the World Economic Forum held in Davos, crypto enthusiasts from across the globe looked at innovative ways of rationalizing blockchain tech across sectors and publicizing learning to guide the public sector and civil society knowledge, funding, and robust experiments.
Blockchain Products On The Rise In Business Sector
2019 proved to those paying attention that blockchain is alive than ever, and is exemplified by the growing sector’s most impressive and active participants.
This includes significant growth in blockchain-based gaming platforms such as WINk, which is billed as the ultimate content and multimedia entertainment blockchain platform.
Similarly, we saw many traditional payment companies and big banks tapping into the blockchain and encouraging adoption.
A prime example of an established fintech startup gaining entry to the cryptocurrency and blockchain space is Skrill, which became a part of a payments processing business with annual revenue of over $1.9 billion.
Going into 2020, trade finance and insurance will likely get more accessible with the technology, along with sectors such as healthcare business adopting the blockchain for transparent data transmission and tracing of medical supplies.
The business sector is sure to increasingly benefit from the blockchain products this year, as the tech can reduce the time for transactions while ensuring efficiency and transparency in various domains such as procurement, accountability, and sales management.
The latest move by the International CBSG Consortium marks developing innovative blockchain technology specifically for telecommunication carriers, offering innovative services for subscribers under a more secure, robust, and efficient environment.
IRS Looks To Smooth Out Regulation For Emerging Crypto Industry
In what could see improved regulation of the blockchain and crypto sector lead to better mass adoption, the IRS has invited crypto companies and advocates to a March 3 summit to discuss how the financial watchdog can create a sense of balance between taxpayer services with regulatory enforcement.
The IRS summit will include various panels on tech updates, issues for crypto platforms, tax return preparation, and regulatory guidance and compliance in the crypto space.