South Korea’s Leader of Telecoms to Launch a Blockchain Platform
South Korea’s largest telecom firm, KT Corporation, has recently revealed that it will be launching its very own blockchain platform, which marks the first of its kind within the country’s mobile industry.
The announcement made July 24, seems to have included the fact that scalability is one that the team will be addressing.
In particular, it has been shared that the blockchain platform will be able to support a capacity of 2,500 transactions per second, with the intentions of increasing the number to 100,000 by 2019.
Seo Young-il, Head of Blockchain Center at the KT Institute of Convergence Technology shared with Korea’s, the Herald, that the firm’s use of blockchain is done to:
“address security and transaction issues by making the current networks more secure and trusted.”
Real Life Applications Behind KT Corporation’s Use of Blockchain
As per a CCN report, it appears that KT Corporation’s intentions are versatile. Besides scalability and security, the firm will be creating an internet technology that will be used as a mean of safeguarding and authenticating “users’ identities” for possible roaming services. That is, as opposed to using an IP address, users will be encouraged to use Blockchain IDs, which has been done as an effort to prevent user ID and password theft along with saving one’s time from multiple procedures.
Future Plans To Come
CoinDesk has noted that KT Corp will be working with China Mobile and Japanese-based, NTT DoCoMo. The trio will be responsible for assessing the use of blockchain technology for data roaming services, which is said to be released in full form within a year’s time.
KT Corp has successfully scored global presence as well, as its blockchain solutions have made it to different regions of the world including the likes of Asia, Europe, North America and many others within Korea’s scope. In addition, the firm allegedly has plans for other industries as well, including the likes of the energy sector, which based on CoinDesk, is said to take up most of the latter half of the year.
As per South Korea’s Ministry of Science and ICT, blockchain technology will consume a big sector of the country’s revenues, namely, a total of a little under USD $900 million four years from now.