South Korea’s KT Introduces DLT to its Network
South Korea’s leading and largest telecom agency, KT, has recently introduced DLT to its network as reports have stated. The company’s current goal is to be able to process one hundred thousand transactions a second come end of next year by utilizing the distributed ledger tech.
Previously operating as Korea Telecom and now known as KT, has revealed the construction of the first ever commercial network fueled by blockchain-tech (BC). The announcement was made on the 24th of July and the company’s new platform aims to connect retail users and businesses on one network.
The leader of the company’s Blockchain Center, Seo Yeong-il has stated that KT aims to accelerate transactions per second to a system that can process 100K transaction almost instantaneously. As of now, it can only process around 2500 and by the end of 2018 will be able to process 10K transactions per second. The 100K mark is expected to initiate at the end of next year.
Seo also said that public blockchains are cursed with very slow transaction processing and space and private blockchains offer poor-quality transparency. In order to handle both problems and provide a solution, the company built its new network based on blockchain-tech. With the new network, its system will able to process many blocks simultaneously and will be introduced to its standard platforms with excellent and efficient hardware as per its performance.
Additionally, the company unveiled a new blockchain-tech system that conceals a user’s IP address while browsing the inter. Connecting a level of identification to each IP address on its framework will ensure complete privacy for every user as a means of combating illicit attempts at acquiring passwords and identification.
KT also unveiled plans to introduce a BC platform for Korea’s energy market as a means of applying digital currencies to several locations throughout the nation for tax payments by authorities and individuals alike.
The company said that it would be contributing its current distributed ledger tech with the Blockchain Eco Alliance which consists of several businesses involved in innovative tech. KT also aims at extended its blockchain-tech to other technological innovations such as AI, security services, and automated vehicles.
Lead business planning operation, Kim Hyung-Wook, stated that as the internet is mainstream in today’s world, he believes that BC will be a key network and the company will continue aiding in the expansion of South Korea’s BC market as the leading figure in creating blockchains.