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South Korean telecom company KT showcases blockchain-based network
South Korean telecom giant KT on Tuesday showcased a blockchain-powered commercial network, capable of handling 2,500 transactions per second (TPS), according to Yonhap News Agency.
The company said that it aims the network to reach 10,000 TPS by the end of the year and 100,000 TPS by the end of 2019.
KT intends to implement its blockchain technology into emerging businesses, including energy management and identity authentication, as well as other platforms such as artificial intelligence (AI) and the fifth-generation (5G) network. In addition, it is also preparing to roll out a blockchain-enhanced data roaming service in collaboration with global network operators, such as Japan's NTT Docomo Inc.
The company has also announced a new Internet technology, which will allow users to log into the network using a blockchain ID instead of IP address.
KT is a member of the Carrier Blockchain Study Group (CBSG), a global blockchain consortium of telecom carriers. Earlier this month, it announced the launch of ‘Blice’ – a blockchain-based platform for web novel writers.
The Ministry of Science and ICT projects the domestic blockchain market to expand from 50 billion won this year to 1 trillion won in 2022. In order to meet this growing demand, KT plans to team up with 36 companies to support small and midsized enterprises in this space.