South Korea Top Telephone Company Reveals Its Own Blockchain Network
South Korea's largest telephone company, the State-owned KT Corporation (formerly Korea Telecom), unveiled its newest invention: a commercial network powered by Blockchain technology. This is a first of its kind in the world, and with this, South Korea hopes to create a more trusted network for businesses as well as for individual users.
The company has taken its existing nationwide network and built a blockchain layer on top of it to make it more transparent and secure. The news outlet reports that Seo Young-il, the head of KT Blockchain Center at KT's Institute of Convergence Technology, says 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." He strongly believes that blockchain technology can be implemented in telecommunications for efficient as well as secure management of data. He and his team have given more than three years of non-stop work to develop such a network.
"The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted."
The number transactions the network is capable of handling in one second is the parameter used to judge the performance of the new blockchain network. With a capacity of 2500 TPS (transactions per second), this new network boasts of unmatched capacity, even leaving that of top cryptocurrencies far behind, as ETH (Ethereum), the second biggest cryptocurrency, has the capacity of only 15 transactions per second and Bitcoin, the top cryptocurrency in the world, has the capacity of only 3 transactions per second. The company also has expressed hopes of reaching 100,000 TPS by the end of next year. Innumerable blocks that contain the businesses' or individual's digital data will be linked together as a chain and transparently transacted and securely stored on the network to reduce risks of it being hacked. What's more, it also comes with a new technology that will allow its users to sign in to the new network without having their own personal password, or even ID. This is safe because ID and password thefts are very common, and only using each block as the distinctive identification for a person without requiring any other verification of identity prevents the risk of these thefts, the company claims.
The future of this blockchain powered network has been planned as well. KT corporation hopes to expand blockchain to data roaming services by mobile carriers. The company is in its final steps to announce a data roaming service that applies blockchain with global mobile carriers like NTT Docomo, the top provider in Japan. Implementing this technology will mean that users do not have to worry about mobile internet downtime or slowing down anymore, thanks to the lightning speed transactions of the data blocks. It will also mean roaming services like roaming bills will be calculated and shown to the user instantly.
The future of this blockchain powered network has been planned as well. KT corporation hopes to expand blockchain to data roaming services by mobile carriers.
The state-owned South Korean KT Corporation is one of the newest members to join a global blockchain consortium of telecom carriers dubbed CBSG (The Carrier Blockchain Study Group), which was formed in 2017 September and already had two US-based firms, a Taiwan telecom carrier and a Japanese telecom conglomerate as its founding members. The chief goal of this global blockchain consortium of telecom companies is to come up with a cross-carrier blockchain ecosystem that has features like IoT (Internet of Things) applications, personal authentication, secured clearing and
settlement, roaming wallet and cell phone top up. With all this, the Korean blockchain market is expected to grow from $44 million to $887 million by 2022.