KT believes its new technologies will actively revitalize South Korea's underdeveloped blockchain market. Blockchain is a decentralized service which shares replicated and synchronized data geographically spread across multiple servers. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate.
In a showcase event on Tuesday, KT unveiled "GiGA Chain", the world's first 5G-based blockchain, and platforms which utilize encryption technology to provide new services -- GiGA Stealth, an online security solution for internet of things (IoT) devices. GiGA Chain BaaS (blockchain as a service) and an area-based localized cryptocurrency payment platform.
"KT advocates the safest network in the 5G era, based on the world's top-notch 5G network blockchain," KT's future plan business division president Lee Dong-myeon told reporters, vowing to popularize blockchain services "We will complete a 5G global platform by connecting the global network with blockchain."
IoT devices, ranging from internet protocol (IP) cameras and smart pedestrian lights to simple sensors which detect movement, are flooding the world. According to London-based global market research firm IHS Markit, there are about 31 billion connected IoT devices in the world but they constantly become the target of hacking as they are more vulnerable than other devices because they are connected to a network all the time.
GiGAstealth is claimed by KT to be the world's first 5G network blockchain for IoT devices. The technology allows only verified users to check the IP address of IoT devices. For non-verified users, the devices are undetectable. KT said its GiGAstealth technology is ready for commercialization and the telecom company will start targeting business-to-business (B2B) markets including the smart factory market and connected car market.
While seeking business opportunities in the B2B IoT market, KT said it would nurture blockchain-based startups and companies with GiGA Chain BaaS, an enterprise blockchain platform that allows engineers to develop, manage and control blockchain environments through cloud computing.
By using the 5G-based blockchain management system, developers can set up nodes, vital for establishing a blockchain infrastructure, with only a few clicks and actualize a smart ledger system. KT said that companies can efficiently save time and money by using its blockchain management platform.
KT will also support the launch of an area-based localized payment. The new form of payment uses blockchain to replace previous payment methods such as discount coupons and vouchers. The telecom company predicted South Korea's localized digital payment market would reach two trillion won ($1.7 billion) in 2019.
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