SEOUL -- South Korea's top telecom company, KT, introduced "Network Blockchain", a blockchain system applied to a commercialized telecom network, claiming it is the world's first commercialized blockchain network.
The blockchain is a decentralized service which shares replicated and synchronized data geographically spread across multiple servers or personal computers operated by individuals, countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate.
KT said Tuesday that its Network Blockchain would be utilized in the verification of personal information and energy management. The company plans to increase the number of transactions made per second (TPS) to 100,000 by 2019 from the current 2,500 by using its super-fast internet connection.
KT said the new blockchain system would be applied to other services such as global epidemic control management, health care and the development of technologies related to the Fourth Industrial Revolution like artificial intelligence and big data.
The commercial blockchain can be used for the automatic verification and transaction of international roaming plans. KT will cooperate with Japanese mobile carrier NTT DOCOMO and Chinese mobile carrier China Mobile to set up blockchain networks this year.
Science ministry data showed South Korea's blockchain market would reach one trillion won ($881 million) in 2022 from 50 billion won this year.
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