KT Corporation, the largest telecommunications operator in South Korea, issued a statement on Thursday declaring their plans to launch a new blockchain as a service platform (BaaS) beginning in March. This report came after the company reported that earlier this week they had presented their plans to business clients who are interested in using the technology for their own operations. A total of 43 companies had representatives at the meeting.
The KT Corporation had already been active in providing clients with blockchain technology. In July 2018, the company launched a network dedicated to providing a blockchain center. In a statement, senior vice president Seo Young-Il explained that the company is looking to make it easier for organizations to be able to use this technology while at the same time building a relationship with others within the network.
This is considered by many insiders to be a rather ambitious plan. Blockchain technology has not been used in a commercial network before, and this is why KT has made it the centerpiece of their new innovation. Currently, transactions occur at a rate of 2500 transactions per second, but the company is hoping that when this network comes online that speeds will reach as much as 10,000 TPS, maybe even 100,000 by the end of 2019.
Seo explained that the problems inherent to both public and private blockchains will be overcome by their new technology. This will provide an ultrafast network by reducing both obstacles.
It is clear that digital currencies are going to become the wave of the future, and this is why blockchain technology has become so essential. Businesses and traders are looking for cybersecurity that will block hackers from being able to access transactions or user accounts, and it is believed that this technology is to the solution.
San Francisco-based currency exchange company Coinbase is banking on the technology, as they recently purchased Neutrino to help them create what they believe to be an unhackable network. This will give consumers greater confidence that their personal information and transactions will be kept secure.
However, blockchain technology will clearly go beyond cryptocurrencies. On the same day that KT announced their new platform, SK Telecom and Deutsche Telekom announced a partnership to create a new blockchain ID system that will make the authentication process a whole lot easier.
By combining their efforts, the two companies hope to create a type of blockchain technology specifically designed for mobile devices that can be used for authentication, transactions, and entry control. The hope is that this technology will create a form of borderless ID that can be used across the globe without fear of being hacked. This would be an ideal system for those who travel across borders as part of their business.
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