South Korea’s telecom giant KT Corp. on Tuesday unveiled a new commercial network applying blockchain technology that can be incorporated onto a range of its services from identity authentication and roaming to energy management. KT is the first in the industry to introduce a blockchain-powered network, the company said.
Blockchain technology is considered a solution that maximizes data security as network participants verify and codify data before organizing them into blocks to store them based on distributed ledger technology.
The blockchain-based wireless technology unveiled by KT uses blockchain identification for network connection and authentication without individual log-in process. An ID is distributed using a blockchain token to allow only restricted users connection. The technology does not use existing Internet Protocol, allowing complete prevention of Internet of Things-based device hacking through IP and also identity theft.
An unnamed official from KT said that it plans to apply the latest blockchain-based identity authentication technology to local currency and electronic voting services and added that it will expand KT blockchain alliance consisting of 36 companies to include other companies to support local small and mid-size firms in the related area.
KT also plans to apply blockchain technology to growth businesses involving wire and wireless network, artificial intelligence, fifth-generation network, and other platforms. It also plans to develop a platform that prevents the spread of global infectious disease and manages health records, and integrate the technology to big data, roaming, and artificial intelligence sectors to expand global business.
By Kim Gyu-sik and Lee Eun-joo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]