On several occasions we have exposed how Korean companies are leading their respective markets thanks to Blockchain, allowing them to excel efficiently. This time we bring you the case of the telephone industry, specifically, of national telephony.
The state-owned KT Corporation, the largest telephone company in South Korea, has announced the launch of its Blockchain commercial network. The firm has built a layer using this technology over its existing national network to make it " safer and more transparent, " according to an article published by The Korea Herald on Tuesday, July 24.
The news report informs that the head of the KT Blockchain Center, Seo Young-il, affirmed that the Blockchain technology can be used in telecommunications for a safe and efficient data management. Seo added:
"The goal of Blockchain's application to networks is to address security and transaction problems, making current networks safer and more reliable."
With its new network, KT plans to allow its individual and corporate customers to store and transfer their digital data with "less risk of hacking," reports The Korea Herald. The network has a claimed capacity of 2,500 transactions per second (TPS), compared to Bitcoin (BTC) 3 TPS and Ethereum (ETH) 15 TPS.
KT Corp. also plans to offer Blockchain-based roaming services with international mobile operators, such as NTT Docomo, the leading provider in Japan.
According to The Korea Herald, the use of Blockchain will allow the company to calculate roaming bills in real time and improve the speed of Internet connection for customers.
CoinTelegraph reported on July 6 that KT Corporation joined the Carrier Blockchain Study Group (CBSG), a global consortium of Blockchain telecommunications companies whose goal is to create a Blockchain ecosystem of cross carrier with capabilities such as "recharge of cell phone, itinerant wallet, safe compensation and settlement, personal authentication and IoT applications ".
The Blockchain market in Korea is expected to grow 20 times in four years, from $ 44 million in 2018 to approximately $ 887 million in 2022. The Korea Herald reports, citing the Ministry of Information and Communications Science and Technology (ICT) ) from the country.
It can be seen that South Korea is moving ahead in the new career of the technological world, being who can better and faster adapt this technology in their countries. In my opinion, your biggest competition is Chinese, what do you think?