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KT Corporation Unveils its own Blockchain Network

KT Corporation, South Korea’s largest telephone company, recently announced the launch of its Blockchain-powered commercial network. According to the Korea Herald, The firm has built a blockchain layer on top of its existing network for making it more secure and transparent. Seo Young-il, the head of KT Blockchain Center stated that blockchain technology could be utilized in telecommunications for a more secure and effective data management.

He further added:“The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted.”KT plans to allow its clients- individual and corporate, to safeguard their digital data. The network has a capacity of 2,500 transactions per second, as compared to Bitcoin’s(3 TPS) and Ethereum’s (15 TPS)

Offering blockchain-based roaming services is also a plan to be executed by the KT Corp. It plans to collaborate with international mobile carriers, such as NTT Docomo, for the realization of the same. Incorporating blockchain will allow companies to calculate roaming bills in real-time and improve on the existing speed of internet connection for customers.

KT Corporation has also joined hands with Carrier Blockchain Study Group ( CBSG), whose sole aim is the creation of cross-carrier blockchain ecosystem combined with all facilities provided by telecom providers. The blockchain market is expected to grow over 20 times in 4 years, reported the Korea Herald.

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