KT Corporation, the biggest telephone firm in South Korea, has recently released its own blockchain-powered commercial network.
The company established a blockchain over its current nationwide platform, ensuring it is “more secure and transparent,” as reported by The Korea Herald.
Seo Young-il, head of KT Blockchain Center, noted the blockchain technology can be employed in telecommunications to achieve a secure and efficient data management.
The executive added the main reason for applying blockchain to networks is to respond to security and transaction challenges and ensuring the existing networks are more secure and reliable.
Using the new network, KT seeks to enable both its individual and corporate clients to store and transfer their digital information with minimal hacking glitches.
The network is set to accommodate 2,500 transactions per second (TPS), as compared to Bitcoin’s (BTC) 3 TPS and Ethereum’s (ETH) 15 TPS.
Also, KT is determined to provide blockchain-based roaming services with global mobile carriers, such as NTT Docomo, a leading Japanese service provider.
Korea Herald reported the use of blockchain will enable the firm to identify roaming bills in real time and speed up internet connection for the clients.
In the early part of July, KT has partnered with the Carrier Blockchain Study Group (CBSG), a global blockchain group of telecom companies. Their main goal is to build a cross-carrier blockchain ecosystem with the capacity as “[cell phone] top-up, roaming wallet, secured clearing and settlement, personal authentication [and] IoT applications.”
In four year’s time, Korea’s blockchain market is seen to increase 20 times more from $44 million in 2018 to about $887 million in 2022 based on the forecast of the country’s Ministry of Science and Information and Communications Technology (ICT).