South Korean Telecom Giant KT To Launch Blockchain-As-A-Service Platform Next Month

Blockchain, News | February 25, 2019 By:

KT Corporation, South Korea’s largest telephone company, will be launching its blockchain-as-a-service (BaaS) platform next month.

Local news outlet iNews24 reported the telephone company revealed the concept a presentation last week, which was attended by 43 companies that are interested in understanding what use cases blockchain could fulfil in their operations.

During the presentation, KT CEO Hwang Chang-Kyu said that the KT BaaS platform will be cloud-based and is intended to allow for blockchain accessibility.

“KT BaaS is a platform that supports blockchain service development environment in the cloud,” Hwang said. “You can implement smart contracts as a core technology in the blockchain as a service without the need for professional blockchain developers. It does not require a separate server for blockchain applications, which dramatically reduces the cost and time to develop blockchain services.”

Seo Young-il, the company’s senior vice president and head of the Blockchain Center, said that the platform will lower barriers to entry into the blockchain sphere and build an ecosystem that can grow with its partners.

“We will be further developing the blockchain industry in South Korea,” Seo said.

KT has been actively exploring blockchain technology for the past couple of years. In July 2018, KT developed a blockchain network that handles 2,500 transactions per second (TPS). In August, it formed an alliance with Shinhan Bank, one of South Korea’s largest commercial banks, to develop a blockchain platform with the goal of leveraging local governments’ recent efforts to introduce digital vouchers, which can be used like cash in certain regions. Earlier this month, the firm signed a contract with Gimpo city to launch a cryptocurrency, called K-Token.