5G-Based Blockchain Platform Unveiled By KT, South Korea’s Largest Telecom Firm April 17, 2019 April 17, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsApril 17, 2019 by Kelly Cromley

5G-Based Blockchain Platform Unveiled By KT, South Korea’s Largest Telecom Firm

South Korean telecom company KT Corporation is introducing GiGA Chain, a brand representing 5G network-based blockchain platform.

GiGA Chain has been structured to improve the security of Internet-of-Things (IoT) systems, which are anticipated to increase to 30 billion by 2021 thanks to the improved 5G connectivity.

The blockchain brand incorporates a unique technology, named GiGA Stealth that ensures IP addresses of the linked devices “invisible” to intruders.

Regarding the need to improvise cybersecurity for IoT devices using blockchain technology, Lee Dong-myeon, president of future platform business group at KT, said

“In the 5G era, a large number of IoT devices are expected to be used and many of them are likely to be more vulnerable to cyberattacks,” said. “So we decided to come up with high assurance cybersecurity measures using our blockchain technology.”

The telecom firm also unveiled its GiGA Chain Blockchain as a Service (BaaS) platform that will permit enterprises to manage main features of blockchain, for example smart contracts, in an easy manner. The platform can also be utilized for voucher digitization that local authorities have handed over to the residents.

Regarding the launch of BaaS service, Seo Young-il, senior vice president and head of blockchain biz center at KT, said “Many companies want to use the BaaS service to improve their security measures but there have been many hurdles in developing their own systems because the country has less than 200 engineers that are capable of developing this technology. Also developing this kind of service requires a huge amount of time and money. To make more companies use this service, we recently completed the development of the GiGA Chain BaaS platform and launched it in March.”

The country’s largest telecom firm claims that its blockchain based payment system is employed by the South Korean city Gimpo, which is planning to disburse local vouchers worth 11 billion won ($9.70 million) to its residents this year.

Regarding the adoption of KT blockchain based system, Seo said “Korea is expected to issue overall local vouchers worth 2 trillion won ($1.76 billion) in 2019, and we expect more regional governments to adopt KT’s blockchain-based payment system that is convenient and safe.”

Regarding the advantages of using the company’s blockchain based payment system Seo said. “Users are just required to download the mobile app and present a QR code to sellers. Business owners had to visit local banks to exchange vouchers for real money but they can avoid those hassles by using KT’s blockchain-based payment system.”

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.