South Korea’s largest telephone company and leading mobile carrier, KT Corporation, officially launched their blockchain-powered commercial network. The firm called it as the world’s first blockchain-based commercial network.
South Korea’s telecom giant is planning to apply blockchain to several platforms such as 5G, energy, and finance in addition to building a blockchain-based infrastructure nationwide. KT Network Blockchain aims to make its existing network more secure, transparent, and trusted by businesses and individual users.
KT Blockchain Center head Seo Young-il stated in a report that by applying blockchain to the network, it’d address the security and transaction issues making it more secure. He added that the blockchain technology could be used for efficient data management.
With the new network, KT’s individual and corporate clients can now store and transfer their digital data without worrying about hacking risks. The network’s current blockchain claimed to have a capacity of 2,500 transactions per second (TPS) which is higher than that of Bitcoin and Ethereum combined.
The company claims that the figure will be up by 10,000 TPS by the end of the year and as high as 100,000 TPS by 2019. KT also plans on offering blockchain-based roaming services with international mobile carriers starting with China Mobile and NTT Docomo, Japan’s top provider. Using blockchain will enable the company to calculate roaming bills in real time and improve the internet speed connection of customers.
Earlier this month, it was reported that KT Corporation joined Carrier Blockchain Study Group. CBSG is a global blockchain association of telecom company with a goal of creating a cross-carrier blockchain ecosystem having capabilities such as roaming wallet, personal authentication, secured clearing, and IoT applications.
According to the country’s Ministry of Science and Information and Information and Communications Technology, Korea’s blockchain market is expected to grow from $44 million (2018) to $887 million (2022), around 20 folds over in four years’ time.
One of the blockchain companies that are becoming a hot topic right now in South Korea is the Decenternet.
The Decenternet (a.k.a. Dnet) is an alternative P2P permanent hyperspeed neutral decentralized internet infrastructure platform solution unbound by politics and oppression. It is cheaper, faster, proliferates net neutrality, protects your privacy, and removes the influence of corrupt intermediaries without having to ask for permission from any central organization.
Check out more about Decenternet at www.decenternet.com.