Turkcell joins global blockchain network

Turkey's leading mobile network operator Turkcell has joined the world's fast-growing blockchain consortium the Carrier Blockchain Study Group (CBSG), the operator announced on Monday.

The U.S.-based companies mobile network operator Sprint Corp. and blockchain developer TBCASoft, and Japanese mobile services provider Softbank are among the founders of the CBSG, according to a press release issued by Turkcell.

Blockchain -- a technology that records and verifies transactions safely based on cryptography -- provide solutions in a number of areas, from money transfers to marketing.

The consortium also includes leading telecommunications companies such as Axiata Group Berhad from Malaysia, the Philippines' PLDT Inc., PT Telekomunikasi Indonesia International, the Viettel Group from Vietnam and the Kuwait-based Zain Group, the press release said.

Kaan Terzioglu, Turkcell's CEO, said: "Due to blockchain technology, which gives the chance to transfer valuable digital assets via mobile networks safely, the digital economy will grow fast and new generation services will show up."

The CBSG -- founded in September 2017 -- aims to provide digital services especially safe digital payment, authentication, and internet of things (IoT) applications to its members and customers, according to the press release.

The press release noted that the consortium also focused on a global money transfer system.