South Korea’s largest telecoms operator KT has unveiled a fifth generation (5G)-based blockchain platform. Known as GiGA Chain, the new platform will focus on enhancing security for interconnected Internet of Things (IoT) devices.
IoT devices are growing at an astronomical rate. In the next two years, over 30 billion devices will be interconnected. By connecting various devices, a user gets convenience like never before, all while collecting data that could prove extremely valuable. However, one challenge looms large for the IoT industry; the possibility of an attack.
Announcing the new platform in a press conference, the president of future platform business group at KT Lee Dong-myeon explained:
“In the 5G era, a large number of IoT devices are expected to be used and many of them are likely to be more vulnerable to cyber-attacks. So we decided to come up with high assurance cybersecurity measures using our blockchain technology.”
KT has developed the GiGA Stealth Technology that makes the IP addresses of the interconnected devices invisible to hackers. This technology will prevent attacks from malicious attackers, 99 percent of whom are anonymous, Dong-myeon said.
KT, formerly known as Korea Telecom also unveiled the GiGA Chain Blockchain-as-a-Service (BaaS) product. This product targets other enterprises which would want to integrate blockchain technology into their operations but can’t foot the cost of developing the entire platform from the ground up. KT had announced that it was developing the platform back in February.
Seo Young-il, the head of the blockchain center at KT explained:
“Many companies want to use the BaaS service to improve their security measures but there have been many hurdles in developing their own systems because the country has less than 200 engineers that are capable of developing this technology. Also developing this kind of service requires a huge amount of time and money. To make more companies use this service, we recently completed the development of the GiGA Chain BaaS platform and launched it in March.”
The platform will onboard smaller enterprises, enabling them to launch smart contracts and other blockchain features in their operations. Currently, Gimpo City in the populous Gyeonggi province is using KT’s blockchain platform to issue and redeem local vouchers. Residents who receive these vouchers can use a mobile app to cash out at retail stores. The retailers also use the app to exchange the vouchers for fiat currency, eliminating the need to visit a bank.
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