Korean Telecom Firm KT To Launch Blockchain-as-a-Service Platform

KT Corporation, the largest telecom company of South Korea, intends to offer blockchain-as-a-service (BaaS) platform in March. The information was shared by the company with its potential business clients during a presentation conducted earlier this week. KT Corporation aims to ensure easy access to blockchain technology within the country.

The platform is being launched at a time when KT continues to bring out a range of blockchain-powered solutions through its exclusive Blockchain Center, which established a commercial network in July 2018.

Regarding the BaaS platform, Seo Young-il, the company’s senior vice president and head of the Blockchain Center, said “The KT BaaS platform will lower barriers to entry into the blockchain sphere and build an ecosystem that can grow with its partners.”

He further states “We will be further developing the blockchain industry in South Korea.”

Totally, 43 companies, which are interested in knowing the likely use cases of blockchain in their business operations, participated in the meeting. At the government level, South Korea is keen to promote blockchain across the country. Last week, Seoul administrators announced their plans to invest up to $1 billion in financial technologies, including blockchain, by 2022.

In the meanwhile, KT is also diversifying outside its core business domain. The company is working to build and launch its own native cryptocurrency in the Korean city Gimpo. The crypto token, named ‘K Token,’ is planned to be issued for roughly $9.8 billion (11 billion won).