Blockchain is increasingly becoming popular especially in the communication and banking sectors. South Korea’s leading mobile carrier Korea Telkom is in the process of launching a new telecommunications system which will be powered by blockchain security solutions. Korea Telkom digital infrastructure called Future Internet will allow people and businesses get rewards for using their own data. This will be a big blow to portal operators like Google who have monopolized the access and usage of private data according to one of KR’s chief researchers, Seo Young-il.
Talking to The Korean Herald the head of KT’s blockchain center which represents the company at the Institute of Convergence Technology stated that: “With the adoption of Blockchain technologies data will be safe from hackers as it will be transmitted through the unforgeable blockchain network. This will enable users to exchange their own data with one another based on trust without the need of relying on third party OTT business.”
The main goal of the Korea Telkom is to rebuild South Korea’s network infrastructure using blockchain technology in the coming years. For a start, KT is planning to start a blockchain-enhanced data roaming service before the end of June. The company will work in cooperation with global network operators like the US-based Sprint and also Japans technology giant Softbank.
When it comes to trading KT has already put up itsown cryptocurrency platform K-coin into its mobile coupon service. Young-il said that blockchain would be among the best technologies for the digitalization in the fourth industrial revolution. Blockchain is already being used in many fields because of its effectiveness and convenience.
Blockchain technology is the mother of all cryptocurrencies which are also being drummed up to replace fiat currency. The technology is preferred because of data protection. Many banks around the world are also studying how blockchain works in order to incorporate the technology in the banking sector.