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KT unveils the world’s first ‘network blockchain’

Posted July. 25, 2018 07:55,   

Updated July. 25, 2018 07:55


KT announced on Tuesday that it would unveil the world’s first network blockchain, which can be used in identity confirmation, roaming, and energy management by applying blockchain to its commercial network.

KT has made logging in possible without a separate procedure at individual sites while being connected to the Internet by entering in one’s blockchain ID. This may prevent hacking by internet of things (IoT) devices that use IP addresses and stealing of personal information.

By applying blockchain to roaming, it is now possible to confirm‎ and monitor customers’ information exchanged between communications companies automatically, not to mention calculating service fees on real-time. This technology will be applied within this year by cooperating with Japan’s NTT DoCoMo and China’s China Mobile.

By applying blockchain to small-scale electricity mediation businesses, the amount of generated reduction real-time is saved in the blockchain. Moreover, the amount of time it took for calculating electricity payment, which used to take one month, can be finished in just 10 minutes. In the latter half of this year, a system that automatically trades the energy reduction amount among companies is expected to be applied to charging electric vehicles.