South Korea’s KT Corporation To Roll Out A Blockchain As A Service (BaaS), Possible K-Token In April
Korean Telecom Giant To Launch Blockchain As A Service (BaaS) Platform Next Month
KT Corporation, the largest telecom company in South Korea, is getting ready to launch its first blockchain as a Service (BaaS) platform in March. According to reports from the local media outlet iNews24, the company has recently revealed the concept fo interested clients.
The goal of this new platform is to make the blockchain technology more accessible to local businesses and companies. The reports state that the platform will have its own dedicated blockchain center, which was launched last year by KT.
Seo Young-il, the senior vice president of VT, as well as the head of the Blockchain Center, has affirmed that the new KT BaaS platform will lower a lot the barrier of entry to be in business in this industry and that they will be able to create new ecosystems for them and their partners. The company believes that the technology will be very important for the development of South Korea.
iNews24 has affirmed that 43 companies were present at the meeting and that they were all interested in understanding more about the use cases of the new product and how it could help them to improve their operations using the blockchain technology.
According to reports, the government of South Korea is currently very invested in making the country use the blockchain. Seoul will invest at least $1 billion USD in fintech startups in the next four years as well, which is a sign of how the investment in the industry will be massive.
The KT Corporation, which has created this platform, is also branching into other segments now and the company intends to launch its own cryptocurrency, which will be named “K Token”. Around $9.8 million USD will be used to issue the token.