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KT Corporation and Iron Mountain Inc. formed an alliance to work together on establishing a blockchain-powered electronic document platform. The South Korean telecom firm entered into this strategic partnership to digitize the latter’s physical documents.
KT and Iron Mountain will launch an E-Document ecosystem that will use blockchain technology to create electronic versions of paper documents and keep them in safe storage. This cooperation will expand the certified electronic document ecosystem based on blockchain.
As per CoinMarketCap, as agreed by KT and Iron Mountain, it was stated in their contract that they will use the former’s blockchain-based electronic document platform to convert physical documents of the American enterprise information management services company.
They also plan to expand their cooperation to include projects beyond digitization. In line with this, the companies will explore a wide range of potential businesses across different markets. This will be very beneficial to KT as Iron Mountain has an extensive presence worldwide, covering 54 countries.
It was noted that the South Korean telecom giant started operating its e-document platform in 2020. Since then, it has been providing services, including document storage, contract writing, and registered document delivery. The digitization of documents has been especially beneficial to small and medium-sized businesses as the service allowed them to stamp out the need to establish individual systems.
KT and Iron Mountain are now eyeing the Asia-Pacific market for their e-document services. Their goal is to capture this market where conventional paper documentation is still the norm.
“We hope that KT’s expertise in ICT and Iron Mountain’s global business expertise merge to bring about positive change to the global market,” Korea Joongang Daily quoted Song Jae Ho, vice president of KT AI/DX Convergence Division of KT Corp., as saying during the contract signing last week. “This MOU will solidify KT’s position as a leader in the market in document management.”
Photo by: Iron Mountain Website
