South Korea’s Leading Telecom Provider Launches its Own Blockchain

South Korea’s largest telecommunication service KT corporation has announced the launch of its Blockchain-powered commercial network. The state-owned telecommunication company has developed a Blockchain layer on top of its current network to give improved service to its clientele. The move aims to make the network more secure and transparent for users – this is according to publication by the Korean Herald.

According to the report, the head of KT Blockchain Centre Seo Yeoung-il commenting about the development said “the whole point of applying Blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted.”

With this Blockchain application, KT clients will be able to store and transfer their digital data with very low risk of possible hacking. The network’s Blockchain is expected to have the capacity to run as much as 2,500 transactions per second (TPS). This is quite an impressive figure considering that currently, the Bitcoin Blockchain is able to complete 3 TPS whiles the Ethereum Blockchain currently records 15 TPS.

The company will be incorporating the power of Blockchain technology in its roaming service. It will do this in conjunction with international mobile service carriers like NTT Docomo which is the leading telecom provider in Japan. With Blockchain, it will be easier for the company to calculate roaming bills more accurately to ensure fairness to customers by way of billing. Not only will roaming bills be more accurately calculated, it will also ensure faster internet connection.

The KT Corporation joined the Carrier Blockchain Study Group (CBSG) on the 6th of July this year. CBSG is a global consortium of Blockchain-inclined telecom companies that have made it a primary goal to create a cross-carrier Blockchain ecosystem – this is to ensure that cell or mobile phone users get improved service either locally or internationally without incurring the additional costs that comes with roaming service charges. This is achievable through easy top-ups, roaming wallets, secured clearing and settlement, personal authentication and Internet of Things (IoT) applications.