KT Coproration, the largest telecommunication company in South Korea, has announced the launch of its own commercial network based on the blockchain.
As reported by the Korea Herald newspaper, the blockchain network has a capacity of 2,500 transactions per second and the company plans to increase it four times at the end of this year. By 2020, the network bandwidth should be approximately 100 thousand transactions per second.
According to company representatives, commercial blockchain network KT Corporation will not have the restrictions of public and private blockchains that have a positive impact on safety and transparency. Mobile operator has created its own engine which is able to process several blocks simultaneously. Existing high-performance servers will be used to provide wireless connection.
It is noteworthy that KT Corporation plans to merge its development with other platforms, for example, a 5G network and artificial intelligence, and also enter into partnerships with mobile operators worldwide through the transfer of international data roaming in the blockchain. Thus, the company wants to increase its presence not only locally but also in foreign markets.
In addition, KT Corporation has launched new Internet technologies with a high level of protection against cyber attacks. High security is achieved due to the fact that user registration in a network happens by means of the block ID and not the IP address. The lack of authentication automatically prevents the likelihood of password and ID theft.