The largest telecom company in South Korea, KT, has recently announced its new blockchain-powered network and referred to it as the first blockchain-based commercial network in the world, as reported by The Korea Herald.
The company will combine blockchain nodes to its high-speed network, creating an ultra-fast service nationwide that will offer greater processing speed, more security as well as transparency. The project has been active for a couple of years.
Currently, blockchain suffers from low speed and capacity – which is why KT has navigated around those roadblocks by integrating blockchain with their ultra-fast network. The network will be truly “ultra fast” according to the company.
South Korea right now has the fastest average Internet speed in the world which is 28.6 Mbps, according to Fastmetrics, passing Norway’s speed of 23.5 Mbps.
The telecom operator’s blockchain, on the other hand, moves at a rate of 2,500 transactions per second – but will apparently hit 10,000 tps by the end of 2018 and 100,000 tps by 2019. As the head of KT’s Blockchain Center, Seo Young-il stated:
“The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted,”
As such, users’ data will be more secure as it will be stored on the new network, making it less prone to hacking, Instead of relying on IP addresses, it will add ID layers of blockchain to protect users’ identities.
Right now, South Korea’s heavy mobile usage demands a project like this. The country is also one of the biggest gaming markets in the world, with a forward-thinking strategy that fosters blockchain innovation and cryptocurrency adoption.
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