South Korea’s top telephone company—state-owned KT Corporation—reveals its own blockchain network
State-owned KT Corporation, South Korea’s largest telephone company, has announced the launch of its blockchain-powered commercial network. The firm has built a blockchain layer on top of its existing nationwide network in order to make it “more secure and transparent,” according to an article by The Korea Herald published Tuesday, July 24.
The news outlet reports the head of KT Blockchain Center Seo Young-il as saying that blockchain tech can be used in telecommunications for secure and efficient data management. Seo added:
“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 its new network, KT plans to allow its individual and corporate clients to store and transfer their digital data with “less hacking risks,” The Korea Herald further reports. The network has a claimed capacity of 2,500 transactions per second (TPS), compared to Bitcoin’s (BTC) 3 TPS and Ethereum’s (ETH) 15 TPS.