South Korean second largest mobile carrier, KT Corp, announced on Tuesday the world’s first blockchain-based commercial network. According to local reports, KT Corp plans to launch its new technology before the end of this year.
The blockchain-based commercial network will have an initial capacity of 2,500 transactions per second. KT Corp plans to quadruple the capacity to handle 100,000 transactions per second.
While speaking to reporters, Seo Young-il, the head of the Blockchain Center at the KT institute of Convergence Technology, said that the new project is aimed at creating a more secure and transparent network for its users. He added that KT blockchain-based commercial network would not have limitations as in the current private and public limitations.
To operate its new network, KT Corp had added blockchain nodes to the high-performance servers. The company has also created its own engine that has the capacity to process multiple blocks simultaneously to help run the new network.
The company has plans to incorporate the new network to other platforms. These include the 5G network and its Artificial intelligence. KT Corp has also launched a new internet technology. The company stated that the internet technology is hack-proof, providing users better security. With the new technology, users will have their own personal blockchain ID. Users will not require the conventional passwords and users names. They will also not need to go through tedious verification processes to access the system.
The company has collaborated with NTT Docomo, which is based in Japan, to create a blockchain-applied data roaming service. In the blockchain-applied data roaming services, data roaming will be calculated on a real-time basis which will allow users to use the strong internet connection at high speed throughout.
Kim Hyung-wood, head of Platform business planning said that the company would continue to create more blockchain application to enlarge the blockchain market in South Korea. The Company also has plans to expand to other markets in addition to Africa, Asia, parts of Europe and North America where they are currently based.
South Korea has had tremendous blockchain and cryptocurrency growth in the last couple of month. Currently, South Korea’s Blockchain market is at 50 billion won (about $44 million). Experts predict these figures will double before the end of 2022.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.