South Korean Telecom Will Use Blockchain

South Korea blockchain

The South Korean-based mobile giant Korean Telecom (KT) announced Tuesday that they are planning on utilizing a blockchain-based telecommunication system to increase the security of their network.

Seo Young-il, one of the company’s chief researchers mentioned that KT is working on a project called “Future Internet” which will use the blockchain technology for security measures. He also believes that the technology will enable users to achieve internet sovereignty, which will be a big milestone for the internet as a whole.

Seo told The Korea Herald,

“Blockchain will put an end to the current internet era and open a new one providing ‘super’ security and greater value for data. […] Blockchain will help overcome fundamental limits of the current internet network by creating a new trusted network.”

According to the researcher, blockchain is a useful tool to protect networks from hackers.

“ By using blockchain technologies, data will be secured from hackers as transmitted through the unforgeable blockchain network and users will be transmitting their own data with one another based on trust with no need to rely on third-party OTT businesses.”

One problem Seo noted is that internet-based platform businesses, such as Google, focus on the speed instead of focusing on creating value, which blockchain will enable.

“Network operators had been merely focused on speeding up network packets, failing to create extra value from such high-speed networks.”

The blockchain technology will also allow the exchange of data between individuals and companies, and the content creators would receive their fair share for what they posted, KT’s executive expressed.

“Some misunderstand that blockchain technologies will make OTT businesses disappear, but that’s not true. The technologies will help them find new value and profits, as they serve as digitalized middlemen,” Seo reported.

The giant mobile company is planning to extend the use of the blockchain to many other industries such as finance, internet of things, health care and energy.

“Blockchain will be central technologies for digitalization in the fourth industrial revolution,” KT’s researcher mentioned. “To improve artificial intelligence, data transmission is the most important factor. Blockchain technologies will form fundamental infrastructure for AI, like an expressway for transmission of massive data at fast speeds.”

The main goal of Korean Telecom is to use the blockchain technology to rebuild the South Korean network system within the next years.

 

 

 

 

 

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