KT Corporation is one of the largest telecom companies in South Korea and it has officially launched its new 5G network brand. In the altcoin news below we find out more about this great info.
The local news agency The Korea Times reported that the new 5G network brand will be blockchain-powered. The KT Corporation named the network ‘’GiGa Chain.’’ It aims to increase the security of the Internet-of-Things (IoT) devices. This way, maximum protection from future cyber attacks will be provided.
As a part of the new brand, KT Corporation developed the GiGa Stealth technology that prevents hack attacks. The system works by hiding the IP address of the connected device. The reports also explain that blockchain-enabled technology makes it impossible for hackers to see the IP address.
The president of the platform business group at KT Corporation Lee Dong-meyeon explained that the company aims to improve cybersecurity measures by using blockchain technology. They considered the possible risks of hacking vulnerable IoT devices with the new 5G era since 99 percent of the overall hacking attacks happen to the IoT devices.
KT Corporation also mentioned in the announcement the Giga Chain Blockchain-as-a-service. This tool will make possible for organizations to use blockchain-based apps but also to deploy smart contracts on the blockchain. This way, companies can operate with the transactions by cutting out the middleman.
What is also interesting is that the KT Corporation believes the blockchain technology can be used to digitize vouchers that local governments issue to their residents. For example, the city of Gimpo in South Korea has already been using these kinds of payment systems that are based on the blockchain since April. The project was initially revealed in February this year. Now, the city aims to issue about $9.7 million worth of KT’s crypto- the ‘’K’’ token each year.
According to reports that we have mentioned in our latest cryptocurrency news, international blockchain applications in the telecom industry will generate about $1.37 billion in revenue in under four years.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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