S. Korea’s Biggest Telephone Company Developed Its Own Blockchain TechJuly 31, 2018
KT Corporation, a state-owned corporation based in S. Korea recently announced the commencement of its commercial network that is powered by blockchain technology. KT Corporation is the largest telephone firm in South Korea with huge networks of clients. This telephone company has developed a blockchain layer on top of its current nationwide network. The objective behind this move is that to make it more transparent and secure. This is according to a blog post published by The Korea Herald last Tuesday, July 24, 2018.
The Korea Herald, a reliable news outlet in Korea reported that Seo Young-il, the administrator of Blockchain Center in an interview spoke that that blockchain technology can be utilized in telecommunications for safe, secure as well as effective management of information.
Seo also stated that the entire objective of applying blockchain technology to telecommunication is to put an end to transaction and safety issues by means of making the existing networks safer, secure as well as trusted.
With its latest network, this premier telecommunication company plans to let its corporate and individual customers store and convey their digital information with less hacking risk. The news outlet further reports that the company has a claimed capability if more than 2,500 transactions for every second, as opposed to BTC or Bitcoin/s 3 TPD and the 15 TPS of Ethereum. This is bigger and wider compared to other digital assets available out there. Surely, this will make the life of every Korean easier and safe from the scam.
KT Corporation also has a plan to provide blockchain based roaming service with global mobile carriers like NTT Docomo, Japan’s leading provider. The Korea Herald also reported that the application of blockchain tech will let the network to compute roaming expenses in real time. This also enhances the speed of internet connection for clients.
Cointelegraph also recently reported that this leading and biggest network in South Korea has united with Carrier Blockchain Study Group, an international blockchain association of telecommunication firms whose objective is to make a cross-carrier blockchain network with such abilities as mobile phone top-up, secured clearing, roaming wallet, settlement, personal authentication as well applications of Internet of Things.
In South Korea, the blockchain market is anticipated to develop twenty times in 4 years, from USD44 million this year to USD887 million in 2022.- The Korea Herald report, citing Korea’s Ministry of Science and ICT or information and communications technology.