South Korean Telecoms Company KT Launches Own Blockchain Network
KT Corporation, one of the two leading telecoms firms operating in South Korea, has launched its own “proprietary blockchain network” to increase efficiency across areas ranging from ID verification to data roaming, with the help of blockchain technology.
According to a report, the telecoms giant unveiled its KT Network Blockchain on Tuesday, July 24. It is capable of processing more than 2,500 transactions per second (TPS), the credit of which goes to the integration with the firm’s existing commercial network known for its extraordinarily high speed.
The figure will be scaled up to 10,000 transactions per second by the end of this year, and might even go as high as 100,000 transactions per seconds by the end of next year, according to one of the claims made by the company.
With the release, the company said that it looks forward to applying the technology to verify users’ identities to streamline int’l roaming services. This new feature would enable global partners to share personal information of users securely over a distributed network.
In the first stage, KT said it will work with NTT DoCoMo and China Mobile to start exploring the blockchain tech in int’l data roaming within the same year.
The blockchain network will also play an important role in energy trading in the latter half of the year, with big corporations participating as nodes to exchange quotas of unused energy across KT Blockchain Network.
In April, KT Corporation announced its plan to use a telecoms system integrated with blockchain security solutions as part of “Future Internet”, its new digital infrastructure project.
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