One of the areas which have quickly started to adopt blockchain technology is that of financial services. Blockchain technology can make the processing of transactions a lot faster, cheaper and more efficient than ever before.
This is why many major financial institutions have been either implementing or testing out blockchain technology to achieve these results for their own processes.
LG is a popular South Korean company which is now looking into using blockchain technology to cater to people travelling abroad to send payments. They have begun a trial phase for this project which will see them working closely with some of their partners in the likes of the United States, Taiwan and Japan.
Three different mobile carriers will be giving their users the ability to make faster and cheaper payments when they are travelling abroad.
The project is pencilled in for the start of 2019. This new system is backboned by the cross-carrier payment platform of their partners, TBCASoft, which is a US based company.
They will also be working alongside Far EasTone Telecommunications for Taiwan and SoftBank in Japan on this trial project.
When in Japan or Taiwan, users will be able to make purchases at selected retailers through their mobile devices. This will make the purchasing process a lot more straightforward and convenient for those travelling in these countries.
This means that the expensive costs associated with international card payments can be eliminated for the equation for people who are travelling and the payments can be processed in a much quicker fashion.
There are also going to be fewer risks that are normally associated with dealing with foreign exchange rates.
This is going to be a project that many interested parties will be keeping a close eye upon. If successful, this could pave the way for all phone carriers to implement similar systems and protocols into their mobile devices.