The satellite operation wing of South Korea’s largest telecommunications company, KT Corporation is planning to explore blockchain technology. They have already set up a group dedicated to finding use cases for emerging technologies like AI, cybersecurity IoT, and Distributed Ledger Technologies.
KT SAT was established as a KT subsidiary specializing in satellite services when Korea's top telecom provider spun off its satellite business in 2012. With the launch of KOREASAT-7 and 5A last year, the company is strengthening its position as a leading global service provider.
KT's first satellite operator currently owns five satellites. The latest, KOREASAT-7 and KOREASAT-5A, were launched in May and October in 2017, respectively. KOREASAT-5A extended KT SAT's coverage from the Korean peninsula to the Philippines, Indochina, the Middle East and parts of South Asia. KOREASAT-7 covers the Philippines, Indonesia, Indochina, and India.
KT SAT's main business was satellite transponder leasing in the domestic market until it started a global advance in 2015. The company's customer list now has 22 in seven countries, up from 13 in three countries, and its satellite coverage has expanded, boosting sales.
As an ICT pioneer, KT SAT is striving to bring high-speed Internet service to places where it remains mostly unavailable, such as in-flight WiFi service, also known as in-flight connectivity. The market is expected to grow at an annual average rate of 20 percent or more over the next 10 years. The company is currently consulting with air carriers at home and abroad as it prepares to build global commercial networks via KOREASAT-5A communications satellite.
“We are a global powerhouse in satellite communications, backed by our strong resources in technology and manpower as well as support from our parent KT Group, a leader in information communication technology (ICT). We want to demonstrate our prowess at CommunicAsia as a leading satellite operator for the global market,”
says KT SAT CEO Won-sik.
Although, they are not the only space company to be dabbling into blockchain technology. Planetary Resources is one entity that has focused on this goal from the start, hoping to mine asteroids and “expand Earth’s natural resource base.” Unfortunately, after some failed attempts to secure funding necessary for several projects, they have agreed to an acquisition by ConsenSys Inc., a blockchain software technology firm, as of October 31st.