The largest telecommunication company in South Korea, KT Corporation, has announced the launching of its blockchain based commercial network. The mobile carrier is integrating blockchain into its already functional nationwide system in order to increase the level of its security as well as transparency, according to a report published by The Korea Herald on July 24, 2018.
The head of the state-owned telecommunication firm’s Blockchain Centre, Seo Young-il, reportedly stated that the blockchain technology could be used for securing and ensuring the efficiency of data management in the telecommunication industry. Seo noted that:
“The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted.”
According to KT, the introduction of the commercial blockchain network is aimed to provide the most trusted system for both individual and institutional users.
Blockchain Offers Better Security and Quicker Transactions
The leading mobile carrier has designed blockchain nodes to the layer of its high-speed commercial network distributed all over the nation in order to make the current network less vulnerable to attacks and more transparent for transaction purposes.
According to the company, the blockchain based network features numerous blocks that contain the digital data of individuals or businesses which is expected to be in chain connections. The digital data will be securely stored and transparently operated on the network having minimum cyber-attack risks.
The performance of the new commercial blockchain network can be determined by the number of transactions per seconds (TPS) that the network can handle.
The existing KT blockchain network has a capacity of processing 2,500 transactions per second (TPS) at the moment. However, it intends to increase to about 100,000 TPS before the end of 2019. Also, the new commercial network features a new technology that enables users to log into the blockchain-powered platform without the need for a personal login ID and passcode.
The telecommunication company also noted that rather than making use of the IP address, “each block can serve as a unique ID that does not require additional identity verification”, this helps to avoid the risk of ID and password thefts. Adding that with time, the use of blockchain technology could be expanded to data roaming services by mobile service providers around the world.
The company is planning to introduce a blockchain-based data roaming service with mobile carriers around the globe; this includes NTT Docomo in Japan. The launching of blockchain-based roaming services will ensure that roaming bills are calculated on a real-time basis, apart from this, users will experience faster mobile internet connections due to the high-speed of data blocks transactions.
While commenting on the launch of the new blockchain network platform, the head of platform business planning KT, Kim Hyung-wook, said that:
“Like the internet has become today’s mainstream network technology, blockchain will be a new fundamental technology network,” Adding that “KT will contribute to enlarging the country’s blockchain market by taking the lead in building blockchain infrastructure.”
Based on the data from the Ministry of Science and IC, the blockchain market in Korea is predicted to increase from 50 billion Won (USD 44 million) this year to about 1 trillion Won (USD 887 million) before the end of 2022.