KT Corporation, one of the largest telecommunications companies in South Korea, has launched its own blockchain with the goal of applying technology in various fields, including the verification of identity, data roaming and trade in energy.
According to the CoinDesk Korea, on Tuesday, the firm unveiled its own network KT Network Blockchain. Through integration with existing high-speed commercial networks, the capacity of the blockchain is 2,500 transactions per second (TPS). The company itself claims that by the end of the year will be able to increase this figure to 10,000 TPS, and by 2019, even up to 100,000 TPS.
On application of CT technology now for identity verification used to optimize the international roaming services. This feature makes it possible to safely allocate data clients among global partners across a distributed network.
In the first phase study of the use of technology in international roaming, the Telecom company will work with China Mobile and Japanese mobile operator NTT DoCoMo.
It is expected that in the second half of the year, KT Network Blockchain would play role in energy trade, this Corporation will act as nodes for the exchange of unused energy quota for a distributed network.
First, the company announced the intention to use the blockchain in the spring of this year. Then Korea Telecom said that it plans to apply the new telecommunications system on the blockchain to enhance network security. The ultimate goal is that with the technology of the blockchain to update the network infrastructure of South Korea.
The great potential of the technology is seen not only companies in the country, but its government. In June it became known that before the end of 2019, South Korea is investing in the study of the blockchain $9 million as part of its drive to implement «medium and long-term plan to study the technology of the blockchain».
According to some South Korea already can be regarded as a world leader in the field of blockchain. Leading analyst firm GlobalData said that thanks to the efforts of local companies, as well as positive attitude towards technology on the part of the authorities, more and more companies in the future can see the country an international center of technology of the blockchain and decide to transfer their operations in this jurisdiction.