A new report from The Korea Herald published today, July 24th, reveals that Korea Telecom (KT), South Korea’s leading mobile carrier, will be the world’s first blockchain-based commercial network.

At a Tuesday press conference, KT’s head of platform business, Kim Hyung-wook, revealed that KT will be aiming to create the most trusted network for individual users and businesses.

“Like the internet has become today’s mainstream network technology, blockchain will be a new fundamental technology network,” stated Kim. “KT will contribute to enlarging the country’s blockchain market by taking the lead in building blockchain infrastructure.”

KT’s new telecommunications blockchain technology will be used for secured and efficient data distribution and transactions. KT has already successfully overlaid blockchain nodes to its high-speed nationwide commercial networks and expects countless blocks containing secured user data to be added to the chain. This data will be securely stored and transacted on the network, with minimized risk through KT’s blockchain protocol.

The head of the KT Blockchain Center at KT’s Institute of Convergence Technology, Seo Young-il, has reportedly been working on developing KT’s blockchain network for more than three years.

“The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted,” said Seo.

KT’s current blockchain is capable of transaction speeds of 2,500 transactions per second. Estimates are that KT can reach 100,000 transactions per second by the end of 2019.

Furthermore, KT’s blockchain is taking innovative steps forward in its user identification protocols. KT users will no longer need to login to the network using personal IDs and passwords.

“Instead of using the IP address, each block can serve as a unique ID that does not require additional identity verification, preventing risks of ID and password thefts,” said Kim.

Korea, along with China, continue to be leaders in the developmental use-cases for blockchain technology. The Korea Herald cites that the Korean blockchain market is estimated to become a $44 million industry by the end of this year. Longer-term projections suggest that blockchain could become close to a billion dollar industry by 2022.

KT’s press conference concluded with an announcement that blockchain utilization will also be applied to data roaming services by mobile carriers. KT will be launching a blockchain data roaming service in partnership with several global mobile carriers including Japan’s NTT Docomo. This new service will speed up mobile internet connections and provide real-time billing calculations for global users.

The post South Korea’s Top Mobile Carrier Announces World’s First Blockchain-Based Commercial Network appeared first on UNHASHED.

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