South Korea’s KT launches blockchain platform

South Korea’s state-owned telephone company KT has unveiled the country’s first blockchain-powered mobile platform.

“The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure, transparent and trusted,” says the head of KT’s Blockchain Centre, Seo Young-il.

KT will soon allow individual and business customers to store and transfer their digital data with fewer “hacking risks”.

The developers at KT note that the new platform can process 2,500 transactions per second (TPS) versus Bitcoin’s three TPS and Ethereum’s 15.

The company will also offer blockchain roaming services because the open ledger technology allows the firm to calculate roaming bills in real time and improve the speed of internet for its customers.

Seo adds that KT has been working on the development of this blockchain network for more than three years. He explains that the platform will include some blocks with the virtual data of individual and company clients. The blocks, he says, will later be stored and transacted on the network honestly and openly.