Bitcoin, Crypto currency, Blockchain

South Korea: company launches the first block chain-based telecommunications network

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The leading Korean mobile communications provider KT has introduced a private block chain based network, the user and company particular trustworthiness to offer. This increased safety wants to ensure that using the Blockchain technology.

As the local news service, the Korea Herald reported that KT, the Korean mobile operator on the 24. July, the world’s first network based on the Blockchain. Seo, Young-il, the head of the KT Blockchain center at the company’s own Institute for convergence technology, has been working for over three years on the development of this network. The goal of this project is to increase the security in the first place. He stressed that the “whole point of the application of the Blockchain exists on networks, security and transaction problems, by the current networks are safe and trustworthy”. In fact, the Blockchain, due to the fact that you can manipulate or falsify, the possibility to store data is always safe.

The Blockchain is the Internet of today

According to your project KT layered Blockchain-nodes has to be incorporated into country-wide established commercial high-speed network, making the existing network safer and more transparent.

Kim Hyung Wook, the head of the planning Department at KT, sees great Potential in Blockchain technology and compares it with the groundbreaking invention of the Internet:

“As the Internet has become the Mainstream networking technology of today, the Blockchain is a new basic technology-network.”

With your network, KT will help to extend the Blockchain market in the country and the associated infrastructure.

On the basis of the number of transactions managed by the network per second, rating of the performance of the new Blockchain network. The current KT-Blockchain-network managed to 2,500 transactions per second and will reach until the end of 2019 to 100,000 TPS, promised to KT.

Blocks make passwords obsolete

In addition to the block chain based network, the company introduced a new technology, with the help of users in this network can login. A personal ID or a password you don’t need, as each Block is intended to serve as a unique ID. As an additional identity verification is unnecessary, which prevents the risks of ID and password theft, said KT.

In addition, KT plans to have a data-roaming service platform, which will also be based on the Blockchain technology. For this, you will be with international mobile operators such as NTT Docomo of Japan. Due to the high-speed transactions, the data blocks of all the block chain-powered invoices for roaming services can be calculated in real-time. As a result, users will no longer have to fight with slow or unreliable mobile Internet connections.

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