KT Corporation announces the creation of a blockchain network for AI, user authentication, IoT, and other usages.
KT Corporation, one of the most influential South Korean telecommunication companies, recently announced the launch of a blockchain-based network in order to incorporate the technology in various advanced technologies, such as artificial intelligence and fifth-generation networks, to make inroads into emerging markets.
According to local news outlet, The firm revealed its KT Network Blockchain on Tuesday morning. In an announcement the company stated that the system could support up to 2,500 transactions per second (TPS) thanks to its integration with its high-speed commercial network. The firm also communicated their goal of increasing the system’s capacity to 10,000 transactions per second by the end of this year, and even 100,000 transactions per second at some point in 2019. According to Seo Young-il who heads the blockchain centre at KT
“Processing speed and capacity of existing public blockchains are slow and low, which is unsuitable for commercialization. On the other hand, private blockchains lack transparency and security. The KT Network Blockchain has secured both performance and reliability.”
The company also said it is interested in using blockchain technology for identity authentication in international roaming services, allowing users to securely share information throughout a distributed communication network. The company said it would work with Asian operator NTT DoCoMo to start exploring the possibilities of blockchain-based technology for international data roaming.
KT’s blockchain network is expected to have an important role for energy exchange in the second half of 2018, with the corporations functioning as nodes to exchange unused energy along a distributed network.
“This will enable internet connection and identity authentication at the same time while effectively preventing attacks from hacking,”
according to Seo Young-il. ”
“This will help customers use the internet of things (IoT) products at home more safely and contribute to vitalizing the IoT-related industry”
by Samuel Larreal