Korea’s Top Telecoms Corp Flaunts Its Newly-Minted Blockchain Network

KT Corporation, one of the largest telecommunications corporations in South Korea launched its own blockchain network.

korean-with-phones-blockchain

KT Corporation, formerly Korea Telecom, recently launched its very own blockchain-based network on July 24, with the chief aim of providing the most trusted network for its users, both individuals and businesses.

More Secure And Trusted

In a press conference, the South Korean telecom giant flaunted of its newly-minted network, which can handle up to 2,500 transactions per second (TPS). The company is aiming to buff it up to 100,000 TPS before 2020.

“The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted,” said Seo Young-il, head of the Blockchain Center at KT’s Institute of Convergence Technology.

As such, the network will be using connecting innumerable blocks that contain individuals’ or businesses’ data to the blockchain and will be storing the same on the network, thereby reducing the possibility of hacks to a minimum.

Not only that, but the network will be applied to four other platforms like media, finance, and public and corporate.

Bigger Plans

KT Corporation intends to go all-in, as it is also preparing to launch a blockchain-based data roaming service in cooperation with global mobile carriers such as Japan-based NTT Docomo. Once the service is up, users will not have to suffer slow internet connections anymore. Also, their roaming bills will be calculated real-time.

Kim Hyung-wook, KT’s head of platform business, said:

“Like the internet has become today’s mainstream network technology, blockchain will be a new fundamental technology network. KT will contribute to enlarging the country’s blockchain market by taking the lead in building blockchain infrastructure.”

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