Blockchain Network Launched By South Korean Telecom Firm KTbr>
KT Corporation, South Korea’s largest telephone company, has launched a new blockchain-based commercial network that claims to guarantee both processing speed and trust.
Called KT Network Blockchain, the company claims the network currently handles 2,500 transactions per second (TPS) with an aim of 10,000 TPS by the end of the year and 100,000 TPS by the end of 2019. The company said it developed its own engine that can process multiple blocks simultaneously in tandem.
“Public blockchains have low processing speed and capacity, while private blockchains have low transparency,” said Seo Yeong-il, head of KT’s Blockchain Center. “By applying blockchain onto our ultra-fast network, we have overcome both obstacles.”
The telephone company also unveiled a new Internet technology, which enables a user to log into the network using a blockchain ID instead of IP address that allows data to be secured from hackers. IDs are distributed using a blockchain token to allow only restricted users connection. IPs will be protected at the network level to help prevent massive hacks.
KT is also planning to launch a blockchain-enhanced data roaming service in cooperation with global network operators, such as Japan’s NTT Docomo Inc. In the near future, the company intends to implement its blockchain technology in other platforms, including artificial intelligence (AI) and the fifth-generation (5G) network to make inroads into emerging markets.
South Korea’s Ministry of Science and ICT expects the local blockchain market to grow from 50 billion won ($44M USD) in 2017 to 1 trillion won ($881M USD) in 2022. In order to meet the growing demand, KT will allow members of its Blockchain Eco Alliance, which consists of 36 companies, to use its blockchain network. KT will be opening a blockchain trial center in Seoul to collaborate with its partners on new projects.
KT Corporation, formerly Korea Telecom, is South Korea’s first telephone company and as such it dominates the local landline and broadband Internet market, serving about 90 percent of the country’s fixed-line subscribers and 45 percent of high-speed Internet users. It is a member of the Carrier Blockchain Study Group (CBSG), a global blockchain consortium of telecom carriers.