KT, South Korea’s largest telecommunications company, recently applied distributed ledger technology (DLT) to its network, ZDNet reports. The company hopes to reach 100,000 transactions per second by the end of 2019 thanks to the technology. KT, formerly known as Korea Telecom, announced on Tuesday during a press conference that it had built the world’s first blockchain-powered commercial network and planned to create a network for retail users and companies.
Seo Yeong-il, head of KT's Blockchain Center, revealed that the company hopes to boost the transactions per second (tps) rate, which is currently 2,500, to 10,000 by the end of this year and to 100,000 by the end of 2019.
“Public blockchains have low processing speed and capacity, while private blockchains have low transparency. By applying blockchain onto our ultra-fast network, we have overcome both obstacles,” he said.
The company stated that it had created its own system that could process multiple blocks at the same time. KT will apply this to its current servers whose hardware demonstrates high performance.
Also, KT revealed a new blockchain-based system that enables users to access the internet without exposing IP addresses. The system will operate with an ID layer connected to each address on the blockchain to maintain user privacy. Thus, the technology will help KT prevent ID and password hacks.
Also, the mobile carrier announced that it would launch a blockchain platform for the energy market, in which cryptocurrencies will be applied in South Korean provinces by local authorities and residents for tax returns and other payments.
KT stated that it was sharing its DLT with KT Blockchain Eco Alliance, a group of companies operating with innovative technologies. Thus, the telecommunications company hopes to expand its blockchain solution to areas like smart cars, artificial intelligence (AI), and security. For this, KT will open a blockchain trail center in Seoul.
Kim Hyung-wook, head of platform business planning at KT, commented:
“Like the internet has become today’s mainstream network technology, blockchain will be a new fundamental technology network. KT will contribute to enlarging the country’s blockchain market by taking the lead in building blockchain infrastructure.”
Last year, KT joined blockchain consortium Carrier Blockchain Study Group (CBSG).
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